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There are two basic types of group life insurance that are often offered to employees, term life insurance and universal life insurance. The main difference between these two types of life insurance is that universal has the option of changing your premium payments and death benefit as your needs change. If you want to be covered under your employer's life insurance policy, but want the flexibility of deciding what you will pay what death benefits your beneficiaries will receive, then ask your employer if you can choose to take part in a universal group life insurance plan.