Group life insurance covers an entire group of people in a single policy. The policy owner is typically an employer, and the policy covers their employees. Group life insurance is usually provided as part of a complete employee benefits package.
Group life insurance provides financial security to the employee, ensuring that they feel secure and have financial stability once they retire from the company.
Win the hearts of your employees by giving them the care and protection they need. Below are things you need to know about group life insurance.
We recognise that everyone’s condition is different. That’s why group life insurance has adjustable rates depending on your company’s nature and your employees’ activities.
You can add a number of benefits to your group life insurance policy, easing the financial burden of medical care.
Your employees don’t have to get through a medical check-up to be eligible for group life insurance.
Group life insurance is more cost-effective since many people are covered under one single policy, reducing the associated administrative costs.
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Thank you, the Thaiger, for helping me out with my life insurance. They provide a wide range of coverage for me and my employees. The comparison list they gave was very comprehensive, making it easier for me to choose the right insurance for my business.
There are three basic types of group life insurance; each offers different coverage and premiums. You can have any combination of coverage for your workers. Read all of the details and choose the one that best fit your needs.
Group term life insurance is the most common form of group life insurance. It’s usually provided to the employees in the form of a one-year, annually renewable term insurance policy. When the policy is up for renewal, the employer can determine whether to continue. The rates may increase upon renewal.
The costs of group term life are usually paid totally or partly by the employer.
Group universal life insurance combines the benefits of term life and whole life insurance. You have the option to pay for the life insurance premium only or also make payments that build cash value, above the premium cost.
Variable group universal life insurance combines future protection with a tax-deferred investment feature that your employees can use in the present. It includes flexible insurance, a guaranteed account, and optional investment options.
If you’re a business owner who isn’t familiar with insurance, we will answer all of your questions and provide you with the help you need. There are a number of group life insurance policies available to meet the needs of you, your employees, and your business.
Top tip: Determine what your company really needs and choose your life insurance accordingly.
You can buy a rider to include in your group life insurance. Purchasing a rider means paying extra, but the additional premium is usually low. Here are some of the most common group life insurance rider that insurers may offer:
This rider pays out an additional amount of death benefit to your employee’s beneficiary if your they as the result of an accident.
Waiver of Premium
With a waiver of premium rider, future premiums are waived if your employee becomes disabled in a significant way.
If an employee is diagnosed with a critical illness, such as cancer or heart attack, this rider pays them a fixed sum.
Besides Group Life Insurance, there are other life insurance types to fit your needs and budget.
Whole life insurance is also known as permanent life insurance. It invests the money that you pay in premiums. This fund serves as a savings account from which you may withdraw or borrow for a variety of reasons.
Do you have any pre-existing medical condition and worried that you don’t qualify for life insurance? Well, life insurance with pre-existing medical conditions is for you.
Group term life insurance has three types. These include:
This is the most common coverage. Providing basic coverage, basic group term life usually paid for by the employer. The premiums are considered to be an employee income tax-free benefit.
Employers can offer supplemental group term life in conjunction with a basic term life policy. It provides the flexibility to your employees to purchase additional amounts of coverage. Your employee has the option to choose the type and amount of coverage to suit their personal needs.
If your employee leaves the group or retires, they can take portable term life insurance to continue their insurance protection until they reach a certain age, usually 70. They can make their payment directly to the insurer.
Wondering if you can get life insurance with a pre-existing condition? The answer is, yes, you can!
While living with a chronic health condition often means you have to adjust to a new normal, it doesn’t mean that you don’t qualify for life insurance. Our life insurance with pre-existing medical conditions is specifically designed for those who already have any health issue before applying for insurance coverage, whether it is heart disease, cancer, or autism.
Enquire now to learn more about your options and how to get covered.
Companies that are entitled to obtain welfare benefits for their workers must meet any of the following requirements:
-A corporation with a legal entity.
-The organization has more than 10 full-time staff, ranging in age from 15 to 65, who are stable as of the effective date of the insurance.
-According to the Social Security Act, workers must be able to self-insure in the social security scheme.
-If a company pays all of the premium interest, all eligible workers must apply for the insurance. When employers pay a portion of the premium, the insurance plan must cover at least 75% of those who are eligible.
All qualifying workers must qualify for insurance if an employer pays all of the insurance interest. When employers pay a portion of the premium, the insurance plan must cover at least 75% of those who are eligible.
A type of life insurance in which a single contract protects an entire group of people is known as group life insurance. The policy typically includes the workers or members of the association, and the policy owner is usually an employer or an agency such as a labour union.
Since group coverage is related to employment, it will end if you change jobs, stop working for a period of time, quit to start a business or retire.
The following claim documents must be sent to the Company.
A Declaration of Claim (completed by the Insured)
A hospital report or a doctor’s report (giving details of the treatment)
a copy of the insured’s identity card
The initial receipt with a list of expenses on the cover page
To qualify for small business health benefits, a corporation must have between one and fifty employees. If you have more than 50 employees you’ll need to qualify for broader company coverage.
Employee health insurance is more affordable than group health insurance for the vast majority of small businesses due to the scale of the risk pool. Private health insurance spreads the burden to a much broader group of people.