Group Life insurance is coverage of Life and usually Accidental Death and dismemberment to a group of people. The benefit of group life can be the ability to offer a level of coverage regardless of health. The cost is at a blended rate which is the same for everyone in the group.
Life and Accidental Death and Dismemberment Insurance
The death of an employee can be a huge life event for their family and the employer. The perception of the employer by other employees can be tested.
Employers can provide a base level of support for a very modest investment.
Group Life Insurance is generally yearly renewable term insurance that is part of a group benefit plan.
It often comes with accidental death and dismemberment coverage which double the payout if death is a result of an accident.
The plan sponsor will choose a coverage level and typical amounts are flat amount like $ 25,000, 50,000 or a multiple to earnings like, 1 x, 2 x, 3 x earnings.
Group life Insurance as part of a group plan can be provided up to the non evidence limit regardless of health as long as one joins the plan within the prescribed waiting period timelines.
The cost is dependent on a variety factors in the sponsoring group but in general the cost per 1000 of coverage tends to be blended so everyone is charged the same amount regardless of age per 1000 of coverage.