The-definition.com

Definition

Group Life Insurance

Group Life Insurance plan provides lower rates in a group plan. And group plans usually accept all employees– including new, nonprobationary ones– regardless of health or physical condition.

Sometimes the employer pays 100% of the base premium, which usually provides life insurance equal to about 2 years' salary. The then pays for any additional coverage such as- accidental death and dismemberment coverage which provides a lump-sum benefit in addition to life insurance benefits when death is accidental. It also provides benefits in case of accidental loss of limbs or sight.


Group life insurance is a life insurance available to employees through their employer on a master policy, usually without a medical examination required.


 

Group Life Insurance provides lower rates for the employer or employee and includes all employees, including new employees, regardless of health or physical condition.


Group life insurance provided on a number of persons in a single master contract. Physical examinations are not required, and certificates of insurance are issued to members of the group as evidence of insurance.

Share it:  Cite

More from this Section

  • Phased retirement
    Phased retirement is a work schedule arrangement that allows employees to gradually reduce ...
  • Employee self-service
    Employee self-service is a trend in human resource management that allows employees to ...
  • Error of halo
    Error of halo is a rating error occurring when the rater assigns a rating based on individuals’ ...
  • Behavior-based Safety
    Behavior based safety means identifying the worker behaviors that contribute to accidents ...
  • Talent tools
    The organization needs a pool of talent and must develop many employees with flexible ...