Summary of Group Term Life Insurance

If you are employed, group life insurance is a benefit your employer may offer. Participating in a group life insurance plan is a way for your family to get some financial protection in the event that you die. While some employers pay the entire group life insurance payment for their employees, others pay part of it or pass the entire cost on to you. You may have the option of buying additional insurance for yourself and your family at group rates, which can be cost effective, especially if you or any of your family members suffer from a chronic health condition. Group term life insurance policies may offer a number of benefits. You may be able to extend coverage if you leave your employer by converting your group term life policy into an individual policy that may be cheaper than individual coverage you could obtain on your own.