Group life insurance is a type of life insurance policy that is purchased by an organization or employer and provides coverage to a group of people, typically employees. While individual life insurance policies offer a range of benefits, group life insurance policies also offer some unique advantages. Here are five benefits of group life insurance:
1. No medical exam required
One of the biggest benefits of group life insurance is that it often does not require a medical exam. This can be especially beneficial for individuals with pre-existing medical conditions who may have trouble obtaining individual life insurance coverage. Additionally, it can simplify the enrollment process and make it easier for employees to obtain coverage.
2. Lower cost
Group life insurance policies are often less expensive than individual policies, since the cost of the policy is spread out among a larger group of people. This can be especially helpful for smaller businesses or organizations that may not have the resources to provide individual life insurance policies for their employees.
If you are an employer or part of a group that is considering group life insurance, be sure to carefully consider your options, contact Tillman Insurance Advisors.
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