Group term life insurance is a life insurance policy that is all done on one single contract to cover a group of people. These policies are utilized by employers or some entity that runs a major labor organization.
A lot of employers will provide group term life insurance as a part of an employee benefit package. However, the employer will be the owner of this particular policy, since they will be the one with the contract.The amount of coverage that an employee typically offers for this type of policy is either once or twice the amount your yearly salary. Normally these policies only remain in effect until the person who has the policy has either been terminated from their employer or the term that they were signed up for has ran out completely.There are some instances where employees that are listed on a group term life insurance policy will have the opportunity to convert their policy to a whole life insurance policy.
Tags: term life insurance