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What is collective life insurance?

Collective life insurance is an important element of the employee benefits package, Business.com writes.
What is collective life insurance?

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.

Source:  https://www.business.com/articles/offering-group-life-insurance/

Photos are from open sources.

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