Group Life Insurance

• Group life insurance is typically provided through an employer or an association.
• It covers a group of people under one contract.
• It's often a basic amount of term life insurance, which may be supplemented by additional coverage paid for by the insured.
• Premiums are often lower, or sometimes even covered by the employer, but coverage usually ends when employment terminates.
• Some policies allow you to convert to an individual policy when employment ends.
• When you are hired by a company, the life insurance which is been offered to you by your employer 99% of the time is Term Life. This insurance policy only covers you for the length of time you are with that company. The moment you quit, retired, relieved or get fired from the job, the policy comes to a total and complete end. No money is given back to you despite all the money you contributed bi-weekly from your paycheck thought-out the years you spent while you were with the company. this means there's no cash value to the Term Insurance, and thus it's a waste of your money which would have been put into an IUL (Index Universal Life) Policy which has a cash value.

Term Insurance

• Term life insurance provides coverage for a specific period, or term (e.g., 10, 20, or 30 years).
• It pays out a death benefit only if the insured dies within the term.
• Premiums are generally lower compared to whole life and universal life policies.
• It does not build cash value.

Index Universal Life Insurance

• IUL is a type of universal life insurance that provides lifelong coverage.
• It has the potential for higher cash value growth based on a stock market index's performance, like the S&P 500, but it also provides downside protection with a guaranteed minimum interest rate.
• Premiums are flexible, and the death benefit can often be adjusted.
• It allows tax-free loans or withdrawals from the cash value (though these will reduce the death benefit).
• IUL policies can be more complex and may have higher costs than other forms of life insurance.

• Whole life insurance provides lifelong coverage and pays out a death benefit regardless of when the insured dies.
• Premiums are generally higher compared to term life insurance but are fixed and do not increase with age or health changes.
• It builds cash value over time, which can be borrowed against. The cash value growth is at a guaranteed rate.
• Some policies may pay dividends (though they're not guaranteed), which can be used to increase the cash value or death benefit, reduce premiums, or be taken as cash.