Group Life Insurance is a life insurance coverage in which individual members in a family or individual employees in an office are put under one master life insurance policy owned by the head of the family or the employer in the office. Group Life Insurance also gives cover to the unexpected deaths of a family member or the death of an employee.
Group Life Insurance Profits
Group Life Insurance profits are usually dependent upon the employee's lost wage. As the Group Life Insurance consists of so many subscribers or contributors the life insurance policy often offers more service coverages at a very low cost per participant.
Group Life Insurance is much more affordable than normal individual life insurances because the issuer's costs are lesser. The issuer face less trouble of paper works and they also multiply life insurance accounts at one go and this for them becomes the incentive to offer the Group Life Insurance.
Life insurance companies prefer to offer Group Life Insurance than offering individual life insurance policies to each member of a family or a company. Group Life Insurance is a good option for both employer and employee both in a company because the best offers then attracts the best employees in the market and this works as a kind of incentive for the employees.
Facilities of Group Life Insurance
There are many life insurance plans available in the market which can turn Group Life Insurance into an individual insurance policy. This happens in cases when an individual leaves the particular company. Group Life Insurance plans are tax deductible which makes this plan even more attractive for the employees.
Most of the insurance companies do not demand medical check ups for Group Life Insurance. So those who are physically unfit still get covered by remaining under Group Life Insurance which they would not have got individually. So the companies that offer good Group Life Insurance can have some of the best employees in the market.
