What types of group life insurance policies are available?

Group life insurance policies are typically offered by employers or other organizations to provide life insurance coverage to a group of individuals. There are several types of group life insurance policies available, including:

• Basic group term life insurance: This is the most common type of group life insurance policy, which provides a fixed amount of coverage for a specified period of time, typically one year. The coverage amount is typically based on a multiple of the employee's salary.
• Supplemental group term life insurance: This type of policy allows employees to purchase additional coverage beyond the basic group term life insurance policy. The coverage amount is typically based on a multiple of the employee's salary, up to a specified maximum amount.
• Dependent group life insurance: This type of policy provides coverage for the dependents of employees, such as spouses and children.
• Accidental death and dismemberment (AD&D) insurance: This type of policy provides coverage for accidental death or dismemberment. The coverage amount is typically based on a multiple of the employee's salary.
• Group universal life insurance: This is a type of permanent life insurance policy that allows employees to build cash value over time. The policy provides both a death benefit and a savings component that can be used for retirement or other purposes.
• Group variable universal life insurance: This is a type of permanent life insurance policy that allows employees to invest their premiums in various investment options, such as stocks, bonds, and mutual funds. The policy provides both a death benefit and a savings component that can be used for retirement or other purposes.

The availability and specific terms of group life insurance policies can vary depending on the employer or organization offering the policy. It's recommended that you review the policy carefully and speak with the employer or insurance provider to fully understand the terms and benefits of the policy.