group life insurance: meaning, definition, pronunciation and examples

Typically, yes, on a per-person basis because the risk is spread across the group, and administrative costs are lower for the insurer.

Coverage usually ends upon termination of employment. However, many policies offer a conversion option to an individual policy without medical evidence or a portability feature, often at a higher premium.

Often the employer pays all or a significant portion of the premium as an employee benefit. In 'voluntary' group plans, the employee pays the premium, often through payroll deduction, but at a discounted group rate.

Not always. Coverage is often a multiple of the employee's salary (e.g., one or two times annual salary) or a fixed amount. Some plans may allow employees to purchase additional 'voluntary' coverage.

A type of life insurance policy that covers a group of people, typically employees of a company or members of an organization, under a single contract, often with simplified underwriting and lower premiums per person.

Group life insurance is usually formal, business, financial in register.

Group life insurance: in British English it is pronounced /ɡruːp laɪf ɪnˈʃʊərəns/, and in American English it is pronounced /ɡrup laɪf ɪnˈʃʊrəns/. Tap the audio buttons above to hear it.