Group Term Life Insurance

Group term life insurance is a life insurance policy covering a large group of people. These people, typically employees or members of an organization, have the opportunity to opt into the group plan rather than purchasing an individual plan. The group plan is typically less costly than an individual plan. With any term life insurance, benefits are provided to beneficiaries only if the covered individual dies within a specific period. For example, the beneficiaries of an individual who dies before the age of 50 may receive temporary benefits for 10 years. At the end of this term, benefits may be reduced or stopped completely.

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