Life Insurance Group
This type of insurance package is typically offered by an employer or a large-scale entity (i.e. association or labour organization) to its workers or members. Group life insurance is typically offered as a part of a larger employer or membership benefit package. For employees; this policy guarantees payment of a stated death benefit during a specified term. Once the term expires, the policyholder can either renew the term policy, convert to permanent coverage, or terminate it.