When compared to individual life insurance policies which are on a long term and paid by the individual, group insurance policies offer short term cover with premium often than not, paid by the employer.
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Group Life Insurance Through InsureMe
Life is always uncertain and the untimely demise of the breadwinner can have a severe financial impact on the family. At such critical times a life insurance policy becomes very useful as its proceeds could help the family to overcome challenging and difficult times. Often Life policies are purchased on an individual basis with premiums paid over a long period of time. Some policies include an investment return when the policy matures at the end of the premium payment tenure, in addition to basic life insurance protection.
However, when employers wish to purchase life insurance policies for their employees as an incentive and increase their loyalty towards the company, they could do so by proposing the employees as a group and arranging a group life policy, valid for a short term of one year.
As these are annual policies the pricing structure differs when compared to the traditional long-term policies.
What is Group Life Insurance?
Group life cover is a policy when a group of people formed as one body purchase a life policy for one year.
This type of life insurance policy when purchased by the employer provides valuable financial security for its employees and their families which facilitates to the improvement of recruiting and retention of valued employees.
Advantages of having a group life insurance plan
For EMPLOYEES
Short Term Cover
No need of medical history
When getting a group policy, past and present medical records of employees may be waived off by the insurer resulting in any premium increase for an adverse health condition being avoided. However, this service may be limited to a certain amount of coverage.
A simple claim settlement procedure
A group life insurance policy's claim settlement process is usually quick. Commences no sooner the employee or their beneficiaries submit the necessary documentation.
For EMPLOYERS
High employee retention
Employers can reduce employee turnover while increasing employee retention and loyalty by offering the protection of a group life insurance policy as an incentive.
Low premiums
Employers are responsible for paying the premiums on this type of life insurance policy. As terms are obtained as a group instead of as on individual basis attractive discounts could be negotiated.
Employees have high morale
A life insurance policy provides employees with security and peace of mind, allowing them to focus on their work.
How does group life insurance work?
Usually, the premium is paid by the employer. This amount may be collected by the employer from the employee during the tenure of their work.
In the event of an untimely death, the sum is paid to the employee's nominee. This ensures that the claim is paid to the trusted person and that the employee and his or her family will have financial support after retirement.
Why should I select InsureMe for my Group Life Insurance Policy?
- You can compare and select the most suitable and affordable life insurance policy for your employees.
- A dedicated InsureMe expert will be there to advise you every step of the way.
- InsureMe has a claims team that is always ready to help in any situation.
The goal of a group life insurance policy is to provide financial security to employees and their families and give them peace of mind knowing that their families will be taken care of in case of their untimely death.
Don’t wait to show your employees that you care for their well being; get the best group life insurance policy through InsureMe today!