Group life insurance is a life insurance product that is provided by an employer. Sometimes the employer will cover the premium and other time group life is an optional benefit that the employee will purchase if they desire.
Individual life insurance is a product that you buy and own yourself that is separate from anything that has to do with your work.
Group life insurance can at time be slightly less expensive however there are many drawbacks and restrictions to a group life insurance policy that you must be aware of.
Watch this video “What’s the Difference Between Group Life and Individual Life Insurance?” for more details:
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This is video #78 of a one hundred insurance video series that The Murray Group is producing to provide insurance consumers with quick, valuable answers to their everyday insurance questions.
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created by Ryan Hanley