Definitions for "Group Life"
A life assurance scheme operated by an employer for his employees. May be stand-alone or running alongside an occupational pension scheme. Will pay out, tax free, a maximum of 4 times qualifying salary, (final remuneration), plus spouses/'dependants' pensions.
Policies, usually term, purchased through a group, normally an employer. While these can be sold under a lifetime settlement, they must be assignable or convertible to individual coverage.
Life insurance coverage obtained by group member, enrollee, certificate-holder through a master contract issued to the association / group to which the individual belongs, usually paying face value benefits upon the death of the covered individual.