With regards to group life insurance, which of the following statements are true? 1. An individual employee does not typically have the freedom to select a specific amount of insurance coverage, but...

With regards to group life insurance, which of the following statements are true?

1. An individual employee does not typically have the freedom to select a specific amount of insurance coverage, but rather the amount of coverage is typically a fixed dollar amount, or a variable amount in relationship to the employee's annual income.
2. There is typically a change in the premium rate each year.
3. Group insurance is normally a permanent type of insurance policy that provides long-term insurance protection for a significant number of Canadians.
4. An employee who participates in a group life insurance plan normally has the opportunity to designate a beneficiary.
5. Group life insurance plans typically do not apply age restrictions for participation in the plan.