See also: the 4 types of term policies you should know. Aside from the different types of term policies available, term can be further classified as group term policies and personal term policies. A group term policy, as the name suggests, is a term policy that is signed up as a group between employees of an organisation and an insurer. Personal term policies, on the other hand, are between an individual and an insurer. The main difference lies in the ownership of the policy: for personal term policies, the individual who applies for the insurance contract is the policyowner. For group term policies, the organisation is the policyowner. Limitations of a Group Term Policy As policyowner, the organisation can opt to alter the policy, including terminating it, and the insured may not be able to do anything about it depending on the specific terms of the policy....