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Group Term Insurance

When the insurer issues the employer or a company a master contract with protection coverage extended to employees, it is called Group term life insurance. This type of term insurance is comparatively inexpensive as compared to the individual life insurance.

Advantages of group life insurance:

  • Beneficial in providing coverage to employees who cannot afford individual life insurance policies.
  • The higher risk individuals are allowed life insurance coverage under this type.

Disadvantages of group life insurance:

  • Employee hardly has any control over their individual coverage
  • Coverage does not continue or follow the employee if you leave your job.
  • All individuals irrespective of their health status pay the same premiums
  • Many people require additional coverage to reimburse for coverage not encompassed in their firm’s group life insurance

How does Group Term Insurance work?

Group term life is normally provided as a yearly renewable term insurance. When group term insurance is provided through the employer, the employer generally pays for most of the premiums and the amount of the coverage is usually equal to one or two times the annual salary of the employee in question.

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