Group Life Insurance

Published: | Updated: May 24, 2018

Definition - What does Group Life Insurance mean?

Group life insurance is life insurance that is offered to a group and is usually offered by companies or other large organizations. Many companies offer life insurance to their employees in the form of group life insurance as part of a benefits package to generate incentive for employees to work for the company.

Insuranceopedia explains Group Life Insurance

Often, people who get life insurance as a part of a group are required to pay significantly less than they would if they were to purchase it on their own. This is because companies often get deals on policies if they buy them in bulk. It is common for employees to use a part of their paycheck to pay for the life insurance premiums. Term life insurance is the most common form of life insurance offered by companies for group life insurance.

How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

Share this: