What is Group insurance?
Group insurance involves at least 5 people (most often staff of one employer) being insured under a single insurance contract. Group insurance provides coverage for staff and commonly includes life insurance, TPD and income protection/ group salary continuance. The advantages to this type of cover include more cost effective premiums and a reduced or removed requirement for underwriting.
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Group insurance allows for flexibility in selecting various types of cover along with formula based or fixed sums insured. Policies are often owned by the company with premiums deductible to the company and with benefits payable to the policy owner (company) which then can provide these payments directly to the employees; providing them with automatic coverage that benefits the employee and their family.
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