Group Insurance Explained
This type of cover provides employers the ability to add attractive incentives as a result of the benefits it provides for its employees to attract and retain a top quality staff.
For an employer to participate they would initially need to decide what modules of cover they wish to include. For example they may choose all or just a combination of life insurance, health insurance, total & permanent disability insurance and trauma & critical illness insurance. A wellness program is often also included in the policy.
The main features of this type of cover are as follows:
If the scheme is compulsory, the employer pays the base premium and not the employee.
Bulk discounts provide individuals with lower costs.
Compulsory schemes may often provide cover for pre-existing conditions where individuals were unable to get this cover provided had they applied on their own.