Both are Term Life insurance policies and will pay a death benefit in the event the Insured person passes away. Neither policy type require blood tests, visits by a nurse nor any long drawn-out complicated underwriting process.
The Individual Term insurance is preferred by many, since if you qualify for this coverage you can usually request higher coverage limits (up to $1 million). Once issued, the premiums remain constant for the full duration of the term. Coverage continues until the end of the selected term (i.e 15, 20, 25 years).
Our Group Term Life insurance is often easier to obtain (Guaranteed Acceptance for first 30 days as a Goose member, and during special promotional periods), but the limits are lower and the monthly premiums increase over time, according to pre-determined 5 year age bands (35, 40, 45, etc). Coverage continues to age 70, provided premiums continue to be paid. There is also a two-year limitation with this type of policy if purchased during a Guaranteed acceptance period.
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