Group Life

Group life insurance is seen as an employee benefit whereby the costs for a life insurance policy can be reduced through group participation. Essentially, it is a multi-policy approach to term life insurance, but with a simpler, cheaper process that is often subsidize by the employer as an employee benefit.

Generally, group life insurance is a term life policy. For this coverage to trigger, a death needs to happen and the beneficiary will receive a monetary benefit. In terms of the amount, it depends on how the policy is in effect. Typically, there are two ways: based on salary or a certain amount set in stone.

There are multiple knock-on effects that can be advantageous in having group life insurance for your employees. Group life insurance is cheaper and requires less underwriting in comparison with individual life insurance.Therefore, any employers purchasing life insurance for its employees can serve as an incentive, as it can reduce attrition rate and increase employee loyalty and retention rates. Consequently, these employees are likely to be high morale as their peace of mind can unlock a stress-free work environment, allowing employees to focus on the primary tasks at hand.

If any company wants the best for their employees and wants to take care of the employees to the maximum of their capabilities, having group life insurance is a good place to start. Any company that have high employee turnover may also find having employee benefits such as group life insurance useful.

In terms of value for money, group life insurance is the cheapest of all life insurance due to the sheer number of people receiving the benefit in one policy. The main consensus in determining the price of the policy is the number of people in the policy, claims history, the risks of the industry that the company is involve in and the amount of coverage per person.

Dealing with death can be stressful enough but having to go through multiple documents can add further misery. At CHAZ, we will carefully guide you through the claim process in a simple manner so any stress can be alleviated.

The content provided is for informational and educational purposes only. The coverage written may change without notice and may not be applicable to all situations and policies. Terms, conditions and qualifications are also subject to circumstance, supplementary material and underwriting. CHAZ Insurance Brokers Ltd. is not liable for any discrepencies should there be any. For more information, please contact us via the enquiry form below.