Group Life Insurance
- A life insurance policy purchased by an organization, such as an employer or labour union, and offered to its members. Usually offered as a part of a benefit package, group life insurance is cost-effective way for an organization to provide a life insurance policy compared to individual life insurance policies because of their bulk-buying power. Group life insurance policies are generally offered in yearly renewable terms, but permanent life insurance is available in some group plans.
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Related Terms and Acronyms
- Beneficiary — Definition,
- An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
- Business Life Insurance — Definition,
- Life insurance that provides coverage in the event that a person key to the operation of a business dies.
- Family Income Rider — Definition,
- A recurring or lump sum life insurance benefit that matches the policyholder's income.
- Group Health Insurance Plan — Definition,
- Health insurance that covers a large group of people, often as part as a employee benefit package.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Permanent Life Insurance — Definition,
- A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
- Voluntary Life Insurance — Definition,
- Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
- Yearly Renewable Group Term Insurance — Definition,
- A group insurance policy that is annually reviewed to keep premiums manageable.