What is Group Insurance?
Group insurance involves coverage policies that include in a set number of individuals. These policies are typically provided by a group’s employer, association, or organization. Group insurance applies to various types of policies including life, health, and disability insurance. Because multiple individuals are going in under one policy, the rates for group insurance are typically lower than regular insurance. Many businesses encourage group insurance due to its more cost-effective nature. At sure trust, we believe in informing you in all forms of insurance and coverages in order to help protect you and the ones you hold dear.
Check out some interesting details involving group insurance.
Who typically offers group insurance?
Group insurances is usually offered by larger corporations and organizations. Because their large number of employees, it is more economically sound to provide insurance benefits at a group rate rather than individually.
Are the premiums the same price for everyone in the same group?
Yes. Unlike individual insurance the monthly cost of insurance premiums is not based on variety of factors. All individuals under the group are charged the same price, not matter their age, health, or other risk factors.
What about insurance renewals?
One of the primary benefits of group insurance is the most policies are automatically renewed as long as the employees continues to work for that company, no matter of a change in risk factors. Individual insurance on the other hand may not be renewed or will have to be renegotiated due to a change in risk factors.
How can I learn more about group insurance policies?
Our team of brokers can walk you through everything you need to know about obtaining group insurance. Different policies come with varying degrees so sitting with us is the best way to determine which one works best for you. Whether it’s life, health, or disability insurance ensure that your employees are protected while saving a little money in the process.