Top

Group Cover

Atlas LifeBusiness Group Cover

Group Cover

Group Life Cover is a single insurance contract covering a group of individuals who share a common link and is normally available for 10 lives or more. Typically, the policy owner is an employer or other entity such as an affinity network and the policy provides cover to all the members of the group.

 

Group Life Cover is often provided as part of a complete employee benefit package and in most cases, the cost of group coverage is less than what the employees or members would pay for a similar amount of individual protection.

 

The underwriting requirements for Group Life Cover are less stringent than for individual cover and a free medical limit, up to which no medicals are required, is usually available based on the size of the group and the level of cover requested. Disability and Critical Illness benefits can also be added depending on the profile and residency of the members of the group.

 

The policy owner holds the insurance policy, known as the master contract, and each life assured or member receives a certificate of insurance that serves as proof of their cover within the group. As with other types of life insurance, Group Life Cover allows members to choose their beneficiary and it is important that each member completes a nomination of beneficiary form that is held by the policy owner.

 

Group Life Cover is written as an annually renewable term insurance and usually the employer pays for the premiums on behalf of the members. Cover is based on either a multiple of annual salary or as a fixed sum assured across all members and will normally remain in force until the member leaves the group or reaches retirement age.

 

Typically, the policy owner is an employer or other entity such as an affinity network and the policy provides cover to all the members of the group.
Atlas Life
No Comments

Leave a Comment

Welcome to Atlas Life – How can we help you?

We know you are busy so let us send you some information about us and we can talk.

Thank you – we will be in touch shortly