Group Life Insurance is offered by an employer or another large-scale entity, such as an association or labor organization, to its workers or members. It is fairly inexpensive, may even be free for certain employees, and is pretty common nationwide. Small business owners are responsible for acquiring their own Group Life Insurance. Group Life Insurance generally covers expenses and outstanding debts in the event of the policy holder’s death, to protect their family and loved ones from having to take on those expenses.
Group life often has relatively low coverage. Generally, members of a group life policy do not need to submit to a medical examination and are not subject to individual underwriting.