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Group Life Insurance is usually offered by business owners to employees. This allows both parties to leverage the buying power of a larger group or population. Providing group life insurance is an economical way for employers to offer this benefit to many employees.
Insurance companies can offer employers attractive discounts on group life insurance policies because the fixed costs associated with administering the program can be spread over a larger number of life insurance policies.
The various types of group life insurance typically offered include:
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