A type of insurance that pays out when the insured person dies. Life Insurance is a contract between the insured (employee) and the insurance provider. Provided the premiums are paid, the insurance provider agrees to pay a sum of money to your beneficiaries if you pass away. The death benefit paid from a life insurance policy is a tax-free, lump sum amount. Group benefits life insurance can also be referred to as term insurance. This means once the coverage term ends, the coverage ends.
Articles in this section
- What do I need to submit a critical illness insurance claim
- What do I need to submit a dependent life insurance claim
- What do I need to submit an accidental death and dismemberment claim
- What do I need to submit a life insurance claim
- What is critical illness insurance
- What is dependent life insurance
- What is accidental death and dismemberment (AD&D) insurance
- What is life insurance