Group Universal Life
This type of group life insurance policy combines the benefits of term life and whole life insurance. Employees can choose to pay the life insurance premium only or also make payments that build cash value (above the cost of the premium). The advantages include affordable group insurance rates and simplified underwriting, along with the potential for cash accumulation and portability. Features of this type of group insurance include;
- group buying power resulting in more affordable premiums,
- an optional cash value account,
- coverage that can be extended to age 100 and
- dependent coverage that’s generally available as a rider.