What Is Group Life Insurance?

Group life insurance is a type of life insurance targeted at groups, with all or most members of the group being the insured. Medical examinations are generally not performed, and a general insurance policy is issued by the insurance company to provide guaranteed insurance for members of the group. Specifically, the company is the policyholder, and the insurance company and the company sign a general insurance policy, covering the collective members of the company.

Group life insurance

Group life insurance takes a group as the object of insurance and the insurance company issues a total insurance policy for the group

There is only one master policy, so how do employees know if they are insured?

Although the insurance company and your company are signing a general insurance policy, each insured person will get an insurance card with the name of the insured, the name of the beneficiary, the premium, the amount of insurance, the birthday, etc., of course, Due to written restrictions on the policy, this does not include all insurance terms.

What about those retired or retired employees, temporary workers, and contract workers in our company?

General group life insurance is for working people, that is, not only those who receive salaries in the unit, but also those who work normally. Those who have retired and retired are not included in this list and cannot participate. Temporary and contract workers are not regular employees of the unit, but they can be accepted if required by the unit.

Is there a limit on the number of people insured?

Generally speaking, the number of groups insured by group insurance is not less than 50, but the number of people has been gradually reduced in recent years. 10 or even less than 10 people can also be insured, just to provide proof of relevant risk conditions. Another is the requirement for the proportion of group insureds. If the premium is borne by both the unit and the individual, at least 75% of the total number of qualified employees must participate, and if the premium is borne by the unit, 100% participation is required.

With so many people insured, how should the amount of insurance be determined?

The general group insurance coverage for each insured is calculated in accordance with uniform regulations. For example, the insured amount of all the insured persons may be specified to be the same, or the insured amount of each person may be separately formulated according to the insured person's salary level, position, and service life.

The annual welfare fee is handed over to the life insurance company, so that it can bear the burden of the employees' life and death. First, it can reduce unit costs and effectively use funds; Morale; third, for some senior technical, sales and management talents, insuring them high-value life insurance is also a powerful way to retain them, because they are the key to the company's development and growth; fourth, it can effectively enhance employees Cohesion and enhance the company's image. It can be said that it serves multiple purposes.