What is a group life insurance policy?
Group life insurance is a specific type of life insurance typically offered by a large organization to its members. Large companies often offer this coverage to their employees as part of its benefits package.
Is group life insurance term or permanent?
1 Group life insurance policies are generally written as term insurance and offered to employees who meet eligibility requirements, such as being a permanent employee or 30 days after hire.
Which of the following is true about group life insurance?
All of the following are true regarding group term life insurance, EXCEPT: Evidence of insurability is not required to renew coverage. The correct answer is: The policy is issued for one year and may be renewed annually with evidence of insurability.
Is group life insurance portable?
What is Portability? Portability or porting is an optional feature chosen by your former employer. It allows employees and dependents to continue their Group Term Life and Accidental Death and Dismemberment (AD&D) insurance under a separate group policy.