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Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
Term life insurance is simple. The policy offers no cash value unless the insured person passes away. If the insured person outlives the policy, their beneficiaries would receive no benefit.
Life insurance can help cover end-of-life expenses, estate planning, legacy funds and long-term care. Life insurance does not pay out for certain deaths, such as suicide, within the first two years.
Term life insurance provides temporary coverage for a specific period, usually ranging from 5 to 30 years. These policies offer high coverage amounts, often up to $5 million or more, at relatively ...
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Unlike term life insurance, whole life insurance is considered permanent coverage and will remain in effect as long as you pay your premiums. A portion of the premiums you pay builds tax-deferred ...
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