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What is the difference between group term life insurance and individual term life insurance?
Wiki User
∙ 16y ago
Group term life insurance is a type of life insurance provided for employees by their employer. An employer buys a master policy and issues certificates to employees denoting coverage under the plan. Group life insurance is also available through unions and associations. It is usually issued as yearly renewable term insurance, but some plans provide permanent life insurance. Employers may pay all of the cost, or share the cost with employees. Regardless of your reason for termination of employment, employees may have the option to convert their coverage to an individual life insurance policy without evidence of insurability or taking a physical examination. Usually, conversion must be within 30 days of ending your employment. The new premium upon conversion of the policy is based on the employee's age at the time. An individual life insurance policy is owned by the insured (in most cases). The insured usually pays the premiums and decides who the beneficiaryis for the policy. An indivual life insurance policy insured just one life. A group life insurance policy insures many lives.
Wiki User
∙ 16y ago
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