Identify the needs of prospective customers in the potential markets 3. Create Market Segments based upon these criteria Existing sales channels cannot be expanded indefinitely. They must be supplemented by new Market Segments. A life insurance policy in which the employer purchases a master policy and issues certificates to employees denoting participating in the plan. Group life is usually available as yearly renewable term insurance.
Some plans do provide permanent insurance.
Employers may pay all the cost or share it with the employees. Every employee must be accepted and cannot be denied coverage because of a pre-existing illness, sickness or injury. Conversion must be within 30 days of termination. Group life insurance plans have been granted advantageous tax benefits to encourage employers to provide employee insurance benefits. The employer may deduct the group plan premiums as a business expense.