What Is Group Life Insurance? 
Video Transcript : What is group life insurance ? In many businesses , some of the employer benefit packages include universal life , and that 's in a group scenario . It 's going to look ... generally , that 's going to be priced at simplified issues , sometimes even guaranteed issue . The cool thing about universal life as a permanent form of life insurance , it can accumulate cash value and you could use it as a supplemental retirement plan or use if for its coverage benefit . When you 're looking at group , instead of just term insurance which is traditionally group cases , many people are now looking at permanent forms of life insurance , this one being universal life , as part of a group benefit package . When you look at this , this is a pretty good idea because you 're going to have to pay up a little bit of economic tax on this , about $ 50,000 of death benefit , because you 're really gaining a benefit . To me , that 's pretty worth it because wherever you have to pay a little bit in taxation for the benefit , you 're not really putting this out on your hand . Depending upon if your employer is paying it or depending upon if you 're paying it , it really is still a pretty good idea . You have permanent coverage based on all these lives on a group case and you have a little bit of cash value accumulating in this . It 's great for supplemental retirement income . You can look at universal life as a double-edge ; a way of protecting assets , protecting your life , as well as having some income later on . 