Joint Life Vs Survivorship Life
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Group Life Policies
- Cannot be formed just to buy group life -Group Sponsor (usually employer) Master policy- insured employees receive document that lays out their coverage and insurance info
Group Conversion
If terminated or departures, one may convert their group life insurance to an individually owned policy within 31 days of departure. -Doesn't need proof of insurability within a time period -Convert to whole life -Must have 5 year within the group plan
Joint Life
Insures 2 or more Death benefits upon first death Premium based on avg joint age
Survivorship Life
Insure 2 or more Premium based on avg joint age Death benefits upon last death