Group life insurance is a policy that covers a group of people under one policy. These policies are usually owned by employers or similar entities such as labour organizations or professional membership groups. These policies are usually issued without a medical exam. Instead the underwriter bases the premiums on factors such as the size of the organization, the turnover and financial strength of the organization.
Commonly, term life insurance will be offered with group life insurance. It is quite common to have group term offered in the form of yearly renewable insurance. Since these types of policies are intended to cover employees or members and are considered a “perk,” a large percentage (if not all) of the premiums are normally paid for by the employer or included in membership or union fees at a discounted price.
Most group term insurances will also offer the option of converting to an individual policy if you leave your employer. It is important to note that unless someone is otherwise insurable, the premiums are considerable higher vs. seeking term life insurance apart from the company.
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