LIFE INSURANCE: GROUP COVERAGE

Group life insurance is life insurance provided for the members of your group. Most commonly, the type of insurance selected is a type of permanent life insurance, also called whole life insurance, although you may decide that your practice is better served with a type of term life insurance. Generally, group insurance is more economical than individual life insurance policies for the members of your group.

In most states, the minimum number of members in a group is 10. The group life insurance contract can be structured so that the members pay a portion of the premiums, but the employer is always required to pay some portion of the premium. When the members of the group pay for a part of the premium, the group is called "contributory," and at least 75% of the eligible member of the group must participate. If an employee leaves the group, he or she must have the right to convert to an individual policy.

For additional information or to schedule an appointment with an InsMed representative, please complete our online form or call us at 800-214-7039.