If you are considering the purchase of a life insurance policy, you may be wondering about the difference between term life and group life insurance plans.
Term life insurance is a type of temporary policy you buy that provides coverage for a period of up to 30 years. You may choose a term of 10, 15, 20, 25 or 30 years. You are the insured and owner of the policy.
Whereas, a group life insurance policy is usually term life insurance provided for a period of one year, and renewed on a n annual basis. You, as an employee, are offered the coverage, and the company you work for usually pays all of the premium for the life insurance coverage.
With group life insurance, you are only covered while you work at the company providing you with the life insurance plan.
Whereas, a term life insurance policy is an individual policy which you keep, whether you are employed or not, by any specific employer. However, you pay the premiums for your own term life insurance coverage.
Learn more about the difference between group life and term life insurance plans.
Term life insurance is a type of temporary policy you buy that provides coverage for a period of up to 30 years. You may choose a term of 10, 15, 20, 25 or 30 years. You are the insured and owner of the policy.
Whereas, a group life insurance policy is usually term life insurance provided for a period of one year, and renewed on a n annual basis. You, as an employee, are offered the coverage, and the company you work for usually pays all of the premium for the life insurance coverage.
With group life insurance, you are only covered while you work at the company providing you with the life insurance plan.
Whereas, a term life insurance policy is an individual policy which you keep, whether you are employed or not, by any specific employer. However, you pay the premiums for your own term life insurance coverage.
Learn more about the difference between group life and term life insurance plans.
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