what is group medical insurance

Protect Your Human Assets

Many individuals lack sufficient financial protection in the event they suffer a serious injury or illness or die. Life, disability and medical insurance offered by an employer under a Group plan is a highly valued benefit that brings peace of mind and needed financial security to employees and their dependents.

What is Group Insurance?

Group insurance is typically available to organisations of 20 staff or more, Group insurance encompasses Life, Disability or Medical insurance cover for a defined group of people.  Coverage is offered under a  group policy for all insured employees, on terms that reflect economies of scale.

A key benefit of group policies is automatic acceptance of  insurance cover within defined limits and subject to defined membership criteria. This makes insurance cover readily accessible for some employees who might otherwise not be insurable on standard terms.

Group Insurance is an appealing component to an Employee Benefits Program.  It not only provides financial peace of mind for employees, but can remove the potential for any moral or financial dilemmas for you, the employer, arising from severe injury, illness or death of an employee. The provision of insurance cover can also assist with prompt treatment and rehabilitation of employees thus reducing costs for the business arising from lost productivity through absenteeism

and presenteeism.

Group Life Insurance

Group Life Insurance provides a lump sum benefit in the event of total and permanent disability, or death.  The policy is owned by the employer for the purpose of providing the death benefit to the beneficiary or deceased estate, or to the employee in the case of total and permanent disability.

In the case of death, proceeds from Group Life Insurance can be used to pay funeral expenses, pay off debts and provide future income for children or a spouse.  In the case of total and permanent disability, a Group Life Insurance payment can help protect against financial hardship as the employee adjusts to a new life situation.

Group Salary Continuance

Group Salary Continuance (Income Protection) Insurance protects against an extended inability to work due to serious illness or injury, by providing a monthly payment.  Cover is provided worldwide, 24 hours a day, 7 days per week, 365 day per year.

Policies typically cover up to 75% of the individual’s salary.  We can tailor the policy to your requirements by varying the waiting period and benefit period.  Common waiting periods include 30, 60, and 90 days, whilst benefit payments may continue for 2 years, 5 years or to age 65.

Group Life, Medical & Salary Insurance Main Contacts

Source: www.willis.com

Category: Insurance

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