Group Life Insurance policy

 What is a Group Life Insurance policy?

Well from the word itself,

Group Life Insurance is no different from individual life policy but only designed for a group of people. Normally, the policy owner is an employer or an entity such as a labor group or organization, and the policy covers the workers or members of the group.

It is often offered as part of a complete employee benefits package for the purpose to attract highly skilled and good employees and make them stay for good to the company.

What are the typical Group Life Insurance benefits?

A typical Group Life policy will include the following benefits:

Accidental Death and Dismemberment Insurance

A predetermined amount that is paid out to a deceased employee’s designated beneficiary (or beneficiaries) when an accidental death occurs. This can be a defined maximum or a multiple of an employee’s annual earnings. There are also benefits paid out if an employee suffers a loss or loss of use of certain body parts. You can find a full list of what is covered inside your policy booklet.

Critical Illness Insurance

This coverage includes a defined amount that is paid to an employee who suffers any of the covered illnesses. The covered illnesses vary based on the insurance provider. The illnesses most commonly covered under this benefit include:

• Cancer
• Heart attacks
• Heart bypass surgery
• Strokes

Dependent Life Insurance

A set amount that is paid out to a deceased employee’s designated beneficiary (or beneficiaries). This can be a defined maximum or a portion of an employee’s annual earnings.

Employee Basic Life Insurance

A set amount that is paid out to a deceased employee’s designated beneficiary (or beneficiaries). This can be a defined maximum or a portion of an employee’s annual earnings.