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What is the difference between group term life insurance and individual term life insurance?

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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.
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How does a family term life insurance policy differ from an individual policy?

A family life insurance policy differs from an individual insurance policy by the amount of persons included in the policy. The family option includes a (marriage) partner and

Where can someone find information about what is the difference between whole life and term life insurance?

The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to t

What is the difference between whole life and term life insurance?

Term insurance can be thought of as "pure protection" in the sense  that it provides only a death benefit, and then, only if the  insured dies for a reason that is not exclu

What is the difference between whole and term life insurance?

Answer   Whole life combines savings with a life insurance policy. Term life is just the policy and is generally much cheaper. A smart invester would never buy whole life

How do term life insurance and whole life insurance differ?

Term is strictly protection. Whole life is protection plus cash value. Cash value is similar a to a savings account within the policy. Part of the periodic premium goes to pay

What is the difference between whole and life term insurance?

The difference between whole and life term insurance is that a term policy is life insurance only whereas the whole insurance combines a term policy and a investment component

Group term life insurance definition?

  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

What is group term life 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

What is the difference between term life versus whole life insurance?

Term life insurance is only life coverage. When the person who is insured dies, the beneficiary receives the amount of the policy. Whole life insurance is a term life policy c

What is the difference between whole life insurance and term life insurance?

Whole life 1) Whole Life is a form of permanent insurance. Permanent insurance comes in a variety of forms, e.g., universal, variable universal, equity-indexed, etc. All have

What are the differences between term or whole life insurance?

Term Life insurance is a type of policy used for a set amount and a predetermined number of years that is paid out during one's lifetime. Whole life insurance is term combine

What is the difference between term life and whole life insurance?

Term life is temporary coverage for a period of time that you choose based on your needs (mortgage paid off, kids finish college, retirement, etc) for 10, 15, 20, or 30 years.