Group Life Insurance

Group life insurance refers to the life insurance offered for members of a group. It is very popular among the business environment as it is issued to a group of employees. However it is not limited to business environment alone. It is issued to any group provided the group is not formed for the purpose of buying insurance.

The major attraction of group insurance policy is the cost is lower than the individual polices. This is because the administrative expenses for each life are reduced. There are also many tax advantages. This is a life insurance without any medical examination on a group of people usually under a master policy. An optional accidental death benefit is also offered under group life insurance.

The policy owner in group life insurance is the person or entity who owns the life insurance policy. The insured is often referred to as policy owner. When the life insurance is purchased on children, one of the parent or both parents are the policy owner. In case of business, the business is the policy owner.

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