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Many corporations will offer competitive packages, and that’s even a strategy in hiring and retaining employees. These competitive packages include group insurance to plans that provide individual retirement accounts or traditional registered pension plans, etc. In this article, we will discuss the source of group insurance
1. Employers
The main source of groups is the employer group. The employer group can be one company or family of companies and the master group contract is issued to the employer or head office that covers all the employees working only for such company.
2. Trade associations
Group Benefits can also be provided for by trade associations.They are based on the fact that while you may have many different employers, all the employees are engaged in similar occupations.
3. Professional associations
Groups of professionals like doctors or dentist are often too small to purchase group insurance individually by office. However, when they are bundled together with other professional offices, it creates a very large insurance group.
4. Unions
Unions also provide group benefit for their active at work members even their members may work for difference employers or group of employers.
5. Creditor groups
Insurance is provided for each borrower of funds on a group basis up to a certain maximum. The premium charged is a flat rate per $100 borrowed or outstanding indebtedness. This type of insurance aims to protect the lender in case of disability or death of the borrower.
6. Saving groups
Insurance is provided for depositors and investors as a plan completer if they die. It generally would cover the contractual payment period only, but not equal to the total goal to be saved.
Groups are classified as being small, standard or large.
a) A small group have between 5 - 25 people. Usually, Insurance companies require medical statement will usually be required for any group with 10 employees or under.
b) Standard group has a size of 25 - 200 employees
c) Large group has about 200 - 20,000 employees.
The main characteristic of group plan is the large the group the cheaper the premiums.
I hope this information will help. If you need more information, you can read the complete series of the above subject at my home page:
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
http://life-insurance12.blogspot.com
http://groupinsurance01.blogspot.com/
