Group Life Insurance - What Are The Basic Types?

What are the basic types of group life insurance?

The life insurance coverage provided by most group plans is one-year term. The plan comes up for renewal each year, and both the insurance company and the employer have the opportunity to consider whether to continue it. For the insurance company, it is also an opportunity to revise the rates. The employer is the policyholder and each covered individual is issued a certificate showing his or her certificate number.

Some group plans include cash value insurance as an option. For example, some employers offer group universal life, which the employee can purchase by salary deduction.

Some companies offer individual (non-group) insurance policies purchased at the place of employment. A representative of the company that provides the group insurance coverage is often available at the worksite to answer questions about the group coverage as well as review other family coverage. Additional personal insurance to fill gaps in insurance protection can be purchased at the employee’s option.

Other types of insurance include business-related plans such as split dollar insurance where individual policies are purchased. Typically, the employer pays the premiums, with the benefits to be split between the employee and the employer.

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	Group Plans
	What Are The Basic Types Of Group Life Insurance?
	What Are Some Of The Contrasts With Individual Insurance?
	What Are The Limitations Of A Group Plan?
	What Are The Advantages Of A Group Plan To The Employee?
	My Employer's Group Life Insurance Coverage Ceased When I Was Terminated. Can I Convert To An Individual Policy?
	I Am Being Laid Off. Will My Employer's Group Coverage Continue During My Layoff Period?
	I Will Retire Next Year. Will I Be Able To Convert To An Individual Policy Without Having To Pass A Medical Examination?
	Should I Get Life Insurance On My Own Or Through Work Or Occupation?