What is group insurance?
Group insurance is a type of insurance policy that provides cover to a group of people. Typically, the individuals in the group are:
- Members of the same superannuation fund.
- Employees of the same company.
Group insurance can provide important protection for the individuals in the group, sometimes at a lower cost than they could negotiate themselves.
Group insurance can also add value to an employer's employee benefits program or allow superannuation funds to provide competitive insurance to their members.
Group Insurance is often referred in the market as institutional insurance.