This is a kind of insurance used to cover several people, such as those under a union or employees of a company, as a way of limiting the number of individual policies for the insurance companies. This is also called Wholesale life insurance.
The group term life insurance works just as a regular life insurance company would but their premiums are lower and they are very fair with their monthly prices.
Life insurance is a more general concept that may refer to either whole life insurance or term life insurance. Whole life insurance gathers value the longer you have it, whereas Term life insurance does not obtain any value that you may use before you die. Term life insurance only pays out when you die.
Voluntary term life insurance plan is elective and generally paid by the employee, whereas group term life insurance is employer paid, and all employees are included.
Group Term Life (life insurance)
Group term life insurance is a one year coverage that is renewable at the end of each year. The group plan is subject to experience rating, so the premium rate upon renewal is based on such factors as the loss record (death) of the group and range of employee ages. All employees are insured with group term life insurance. Realistically, coverage is temporary because on termination of employment the employee usually does not convert the group term coverage to individual permanent life insurance, because the conversion is at a higher attained age rate. And, the permanent life insurance costs much more than group term insurance.
Group term life insurance is a form of life insurance protection provided by an employer for its employees. A group term life policy is usually issued for a period of one year, and renewable each year. The premiums are experienced rated, based on the company's deaths, and range of employees' ages. If your employment is terminated, you may be able to convert your group term life insurance coverage to an individual permanent life insurance policy, which will cost you more money. However, it must be noted that you do not automatically have the option to convert your group life insurance to an individual plan. A major drawback of these group plans is that many times you have to leave it behind if you change jobs. For that reason, you should always try to purchase your own plan if you are healthy.
Lincoln Financial Group offers three term life insurance plans. These plans are Lincoln LifeElements Level Term (2013), Lincoln LifeElements Level Term (2012) and Lincoln LifeElements Level Term.
Group Term Life (insurance) It's your accidental death and dismemberment insurance.
As long as you're still on the payroll of the company, your group term life insurance policy should still be active. Denise Mancini Disclaimer: I work for AccuQuote and this is my personal opinion.
Mass Mutual Financial Group offers several different types of life insurance. They offer Term, Whole life, Universal and Variable universal life insurance to individuals and families.
Prudential Life Insurance offers several different type of life insurance, including term life insurance. They offer complete term insurance or supplemental term insurance that can be added on top of any other insurance you may have.
Short. You can always renew the policy and extend it to being longer. But for term insurance it is for a short amount of time. Usually you can get good rates if your younger and in good health.