Business Life Insurance Company
Group life insurance offered by your company or business is generally included in the overall benefit package. When purchased in large quantities, commercial insurance is very affordable for the company, and premiums passed on to the employee are generally very small or nothing at all.
A group life insurance plan is a single policy or contract purchased by the employer as part of the benefits offered by the company. The policy owner is the business. Company insurance plans allow the employee the opportunity to have insurance at a much cheaper rate than purchasing individual life insurance.
The business owner keeps the policy or master contract and those covered receive a certificate of insurance.
Group life insurance is most commonly term insurance and can be renewed yearly. The amount of coverage is up to the employer but a general foundation used by many companies are equal to one or two times the employee’s annual salary. When the employee leaves the company, the insurance plan is usually terminated.
ABP offers many different group life insurance plans from the top companies in the industry.