The primary difference lies in how the policy is purchased, customized, and owned. Individual life insurance is a private contract bought directly from an agent or broker, tailored specifically to your exact coverage amount, featuring locked-in underwriting based on your personal health history, and remaining active regardless of employment changes. Group life insurance, by contrast, is a standardized master policy provided automatically through an employer or superannuation fund; it requires no medical exam and is typically cheaper, but offers fixed coverage multiples and terminates if you leave the employer or fund.
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