Group or collective insurance is insurance of a group of people with similar interests. In case of group insurance, the personal insurance contracts are concluded between the insurer and the company’s management or trade union that acts as a policyholder. The company’s employees are the insured.
The research shows that 60% of employees join their company's plan. Most employers offer group life policies as part of their larger benefit packages.
Most employer-sponsored group life insurance policies are term life insurance. This means that the coverage will expire after a set number of years.
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