GROUP LIFE INSURANCE

Group life insurance is a type of insurance that covers
a group of people under a single policy, typically 
employees of a company or members of an association. 

This policy provides a death benefit to the beneficiaries of
an insured person who dies while the policy is in force. 
The premiums for the policy are typically paid by the employer,
but in some cases, employees may contribute a portion.
    
Benefits of Group Life Insurance
1. Affordability: Group life insurance is often more 
affordable than individual policies due to economies of scale.
Convenience: The employer handles the administration of
the policy, making it easier for employees.
Peace of Mind: Knowing that your family will be financially
protected in case of your death can provide peace of mind.
    
Types of Group Life Insurance
Term Life: Provides coverage for a specific period.
Whole Life: Offers permanent coverage with a cash value
component.
Universal Life: Provides flexibility in premium payments 
and death benefits.
    
Factors to Consider When Choosing Group Life Insurance
Coverage Amount: Ensure the death benefit is sufficient to
meet your family's needs. In Nigeria, the pension Act 2003 provides
for a minimum of 3 times the employee's annual emoluments. 
Beneficiaries: Clearly designate your beneficiaries.
Riders: Consider additional riders like accidental death and
dismemberment (AD&D) or critical illness coverage.
Portability: If you leave your employer, you may be able to
convert your group life insurance to an individual policy.