Group Life Insurance Policy

A group life insurance policy offers vital protection to its members and also to the policy owner.

Group life insurance is a benefit that allows a large number of people, typically from the same employer, to unite to obtain insurance. They are able to access more lenient underwriting limits through a group life policy and are able to obtain very competitive premium rates.

Group life policies are also commonly known as employer policies, as they are usually owned by an employer to benefit their staff. Many employers choose to take group life insurance for two main reasons, 1) they are providing an invaluable benefit to their staff members and 2) they are protecting themselves against the long term loss of any of their employees, in turn saving themselves a lot of money in sick leave.

Group life insurance is available to groups as small as 15 people and as large as 5,000 or more. There are several benefits available to choose from when considering a group life insurance policy. This includes standalone life insurance or a combination of life insurance and total and permanent disablement (TPD) cover.

Group salary continuance (also known as group income protection) is also available under a group life insurance policy. This provides many different benefits and features that a policy owner can choose from, to protect their members if they cannot work because they are sick or injured.

Depending on the circumstances, group life insurance may be tax deductible for the policy owner, the benefit may also be tax free once it is paid to the member.

Find out more about group insurance.

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