Group benefits are pooled benefit plans that are designated to a group of people. Group benefits plans are often used for employees or small to medium sized business owners. Group benefits provide stability and financial security for employees and their families protecting their way of life. Pooling together insurance through a group benefit plans lowers the overall cost of the same benefits in an individual plan.
Characterisitcs of Group Benefits
- There is a group of people needing to be covered who have something in common outside of requiring insurance.
- Often is a single Policy Holder who will retain the documentation on behalf of the group members.
- Coverage is available at a lesser rate in comparison to individual rates.