Group Insurance

Group insurance is coverage provided to a group of people (usually more than ten members or employees), linked by a common factor such as employees of an employer, members of an association, or members of a superannuation fund.

It is a single policy that covers all members, and as they are collectively assessed as a group, cost savings and advantageous product features are generally available to all members.   Group insurance considers the characteristics of the group as a whole to determine price and eligibility and applies underwriting principles to reduce selection risk and mitigate costs.

Group insurance has several unique features which distinguish it from individual or retail insurance: automatic acceptance levels, continuation options, premium experience rebate, rate guarantees, guaranteed renewable, simplified administration, and takeover terms.