Group term life insurance

From Ask in Wiki

Group Life Insurance - Life Insurance policy provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective. See also Franchise Insurance, True Group, and the first definition of Master Policy. (LI)

Benefits

Offers employees useful benefits for every stage of their lives, including:

• Living Benefits - benefits employees can take advantage of today such as financial and legal counseling
• End of Life Benefits - benefits to help employees and their caregivers manage end of life issues including an Accelerated Life Benefit and medical case management
• Beneficiary Benefits - benefits that offer the family support such as bereavement counseling and legal advice