What Is Group Insurance?

Group insurance is a collective insurance policy offered by employers to provide coverage for their employees and, in some cases, their families. Unlike individual insurance policies, group plans leverage the collective bargaining power of the group to secure more favorable terms and lower premiums. This approach makes essential coverage more accessible and affordable for all members.

Types of Group Insurance Coverage

• Health Insurance

  Covers medical expenses, including doctor visits, hospital stays, and prescription medications.

• Dental Insurance

  Provides coverage for routine dental care, such as cleanings, fillings, and orthodontics.

• Vision Insurance

  Offers benefits for eye exams, glasses, and contact lenses.

• Life Insurance

  Pays a lump sum to beneficiaries upon the death of the insured employee.

• Accidental Death & Dismemberment (AD&D)

  Provides benefits in case of death or severe injury due to an accident.

• Disability Insurance

  Offers income replacement if an employee is unable to work due to illness or injury.

• Critical Illness Insurance

  Provides a lump-sum payment upon diagnosis of a covered critical illness.

How Group Insurance Works

Group insurance operates on the principle of risk pooling. By combining the health risks of all employees, insurers can offer more competitive premiums and comprehensive coverage. Employers typically contribute a portion of the premium, with employees covering the remainder through payroll deductions. This shared cost structure makes high-quality insurance accessible to a broader range of employees.

Advantages of Group Insurance

• Cost-Effective: Group plans often offer lower premiums compared to individual policies due to the shared risk among members.
• Comprehensive Coverage: Access to a wide range of benefits, ensuring holistic protection for employees.
• No Medical Underwriting: Most group plans do not require medical exams or health questionnaires, making coverage accessible to all employees.
• Employee Retention: Offering robust benefits can enhance job satisfaction and reduce turnover.
• Tax Advantages: Employer contributions to group insurance premiums are typically tax-deductible.

Get Started Today

Enhance your employee benefits package with a tailored group insurance plan from Baljit Kaur Insurance. Contact us today to schedule a consultation and discover how we can help protect your most valuable asset—your people.