Group Life Insurance
Group Life Insurance where a large number of people, typically from the same employer unite to obtain insurance. They are able to access more lenient underwriting limits through a group life policy. This form of protection is better than Workmen’s Compensation Insurance since this inter alia affords compensation in respect of employees against the risk of natural death as well as accidental causes. Moreover, the cover is on a 24 hour basis anywhere in the world.
Typically group life insurance is based on multiples of the emloyee annual salary. Usually, it is about 2-3 times annual salary. Some companies offer up to 5-6 times annual salary for higher management and lower multiples for normal employees.