What Is Group Term Life Insurance? 
That is an excellent question ! Group policies are those offered to a segment of the insured pool , like your company , for example . Your policies through work are group term policies , with a term of one year . Each year in the fall , you either renew the policy , or switch to a new one . The cost of the policy is lower generally for your employer if the group of you is generally healthy and claim free , and a larger group . Another type of group policy is like the type that companies like AAA or AARP will offer . They are also spread across a large pool , but theirs are based on your `` age band '' , and increase in cost each time you progress into the next `` age band '' -LRB- typically every 5th year -RRB- . In their case , the term period lasts until you turn 80 , when they will end . I hope that helps , thanks for asking ! 