It is commonly a component of a comprehensive employee benefits package.
Group Term Life Insurance is a group life insurance policy that provides coverage for one year, and is renewed by your employer on an annual basis.
Whereas, term life insurance is an individual temporary life insurance policy lasting up to 30 years, which is purchased by an individual.
Term life is available for a duration of 10, 15, 20, 25 or 30 years, and remains with you even if you are no longer employed.
Learn more about group vs term life insurance policies.