Introduction to Group Term Life Insurance

Group term life insurance is an employee benefit that many employers provide to employees. A specific amount of insurance is generally provided to all employees, who may also be eligible to buy additional insurance at their own cost, but at the low group rate. Life insurance offered at a group rate is generally cheaper than life insurance that you can purchase as an individual. Group life insurance policies offer many benefits, including accidental death and dismemberment benefits. Coverage typically ends when you terminate employment with your employer, although some policies allow you to extend coverage by paying for the policy yourself.