What are Group Benefits?

What are Group Benefits? Group benefits refer to insurance policies that cover a group of individuals, typically members of societies, employees of a common employer, or professionals within a specific group.

Group coverage helps reduce premium costs by spreading the insurance carrier’s risk across a pool of people insured together for reasons other than obtaining insurance. Group benefits can also serve as a powerful incentive to retain and attract top employees.

Major Types of Group Benefits Group Health Insurance Group health insurance coverage is a policy purchased by an employer and offered to eligible employees of the company (and often their family members) as a benefit of working for that organization. A group health insurance plan is a key component of many employee benefits packages provided by employers.

Group Life Insurance Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance that covers a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not typically a consideration in underwriting. Instead, the underwriter assesses the group’s size, turnover, and financial strength.

Group Disability Insurance Group disability insurance is a type of group insurance that provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Coverage is generally offered in two types: short-term disability (STD) or long-term disability (LTD).

Group Accident/Supplemental Insurance Supplemental insurance is extra or additional insurance that you can purchase to help cover services and out-of-pocket expenses that your regular insurance does not cover in the event of an accident or other covered loss.

Group Dental/Vision Insurance Organizations aiming to offer the best dental and vision care benefits to attract and retain top employees need to work with group dental and vision experts. We have access to benefit plans designed to keep your group members, employees, and their families healthy.