Group Term Life insurance Law and Legal Definition

Group term life insurance is a type of life insurance that is offered at a group rate, usually as part of an employee benefit program. It is the least expensive and least complicated type of life insurance, and is designed to provide cash benefits. The main advantage of group term life insurance is that the cost of group coverage is less when compared to an individual insurance policy. Group term life insurance provides cash benefits to the survivors of the insured in the event of his/her death by providing both funeral and continuing household expenses.