Question

What type of life insurance is most commonly used for group plans?

1) Term life insurance
2) Whole life insurance
3) Universal life insurance
4) Variable life insurance

Answer 1

Term life insurance is the most commonly used type of life insurance for group plans.

Step-by-step explanation:

The type of life insurance that is most commonly used for group plans is Term life insurance. Term life insurance provides coverage for a specific period of time, usually 10, 20, or 30 years. It is often offered as part of employee benefits packages and provides a death benefit to the beneficiary if the insured individual passes away during the term of the policy.