This type of insurance greatly benefits a group of people as it does individually for member of the group. Group Life Insurance policy has a contract which covers a group of people under a common policyowner which could be an employer or an entity like a labor organization or a cooperative. Oftentimes, an employee earns an enrollment into a Group Life Insurance upon employment as part of the employee benefits. Sometimes it could be optional for the individual to take advantage of Group Life Insurance offered by the company or the organization. However, it is always advisable to take part of the policy because of the following reasons:
- Because a group of individuals and not only one person is being covered by the Group Life Insurance, the premium payments are also split in multifold making it easier on the pocket.
- The cost of Group Life Insurance is much less compared to what an individual would pay as a premium payment if he or she was enrolled into individual life insurance.
- Some Group Life Insurance polices allow you to upgrade to a plan which provides more protection but your premium payment only increases a fraction of what the cost would have been if you enrolled yourself into an individual life insurance plan.
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