[Answer] What is Group Life Insurance?

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Disclaimer: I don't personally work in life - so if I sound dumb just forgive me, but here is a high-level research I recently did working on GL project.

Group Life Insurance
Group life insurance is life insurance written for
members of a specific group. Most frequently, it is
issued to an employer for the benefit of the employees.

Originally, group life was meant to be a life insurance
contract with a lump sum payment in case
of death of a member of a group (Group Term
Life Insurance) in which the total premium for all
members was paid by the policyholder.

The risk was supposed to be leveled out
within the group.

Today we see more complex ‘group life’ products
offered to more groups in which often the practical
distinction between individual and group life has
become more and more vague and the expenses have
increased.

The characteristics of group life insurance are
that it is a life insurance issued to a policyholder
covering only all members of a well-defined group,
or all of any class or classes thereof, and that benefit
amounts have to be determined according to a general
plan (platform) precluding individual selection.

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关键词：Insurance insuran Answer Group What Disclaimer Insurance insurance recently research

When a group life scheme is subdivided into
classes there are normally some regulations as to the
minimum number of lives in each class and/or to the
proportion between the benefit amount in one class
compared to the next lower class and/or a maximum
highest class benefit compared to the lowest class
benefit or compared to the average benefit amount
for all the classes.
The health evidence requirements may depend on
the size of the group, the benefit amounts, if the
membership to the scheme is compulsory or not,
and/or on the benefits written in conjunction with or
as riders to the group life insurance. As a general
rule, we may say that the smaller the groups are and
the higher the benefit amounts are the more health
evidence is required in addition to an actively-at-work
statement. An actively-at-work statement is normally
enough for larger schemes as long as none of the
benefit amounts exceeds a regulatory free cover limit.
Group life insurances are normally paid with
yearly renewal premiums. The factors that are used
to determine the premium might be age, sex, type
of work, and location of business. The premiums
are often calculated by applying the local tariff to
find an average rate per thousand benefit amount,
which again is applied to every member’s benefit
amount.

I have a general picture about group Life inssurance. Thank you for sharing.