This can also be a powerful incentive to attract and keep great employees. Here are some of the major types of Group Benefits:
- Group Life Insurance
Also known as institutional life insurance or wholesale life insurance, the group life insurance is a term policy for covering a group of people, these are usually employees of a company, members of an association or union, or members of a superannuation fund or pension.
- Group Health Insurance
This policy is purchased by an employer and is usually offered to eligible company employees, which is as a benefit of working for the company. Group health insurance is one of the major benefits packages that employers offer for their employees.
- Group Vision/Dental Insurance
When an organization wants to offer the best vision and dental care benefits to attract and retain employees, they’ll need to work with a group of vision and dental experts. Therefore, you should look for the group vision and dental insurance for your company’s employees.
- Group Disability Insurance
This is a type of group insurance, which offers a regular income replacement payment for insured members of the group in case of a disability resulting from injury or illness. This coverage is basically offered in two types, either in Short-Term Disability or STD or Long-Term Disability or LTD.
- Group Supplemental/Accident Insurance
The supplemental insurance is additional or extra insurance, which you could purchase to help you pay for out-of-pocket expenses and services that your basic insurance doesn’t cover, which is the event of an accident or any other types of covered loss.
So, now that you have a better understanding of group benefits, whether you’re an employer, broker, or individual, as long as you have a great insurance provider, you can easily put up the right plan together for your business’ future needs.
At Independent Executive Insurance Brokers, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 624-4815. Get your free quote today by CLICKING HERE.