Group life insurance is a basic employee benefit under which an employer buys a master policy and issues certificates to employees denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance although some provide permanent insurance. Employers may pay all the cost, or share it with employees.
A Master Policy is a single insurance contract that provides coverage on a group basis, typically issued to an employer, with group members receiving certificates summarizing the benefits provided.
