Group Life Insurance: How It Works, Types, Pros & Cons

Group life insurance is a type of life insurance that provides coverage for a group of people, such as employees of a company or members of a professional association. The premiums for group life insurance are typically lower than those for individual life insurance, and the coverage can be customized to meet the needs of the group.

There are two main types of group life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period of time, usually 10, 20, or 30 years. Permanent life insurance provides coverage for your entire life, and it builds cash value that you can borrow against or withdraw.

The pros of group life insurance include:

* Lower premiums than individual life insurance
* Customizable coverage
* Easy to sign up
* No medical exam required

The cons of group life insurance include:

* Coverage may end if you leave the group
* The policy may be canceled if the group experiences financial difficulties
* The coverage may be limited

If you're considering group life insurance, it's important to weigh the pros and cons carefully to make sure it's the right choice for you.