group life insurance

Group life insurance refers to a life insurance program that covers members of a natural group, such as employees of a business or members of a union, association, or employer group.

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A group life insurance plan usually offers annual renewable term life insurance policies, but some plans provide permanent life insurance policies. Group life insurance plans usually do not require physical examinations and cost less for participants than individual plans that offer the same benefits.


Related Terms

Group insurance is insurance provided to groups of people.