Group Life Insurance
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.