Already on ArticleSlash?

Forgot your password? Sign Up

Benefits of Group Insurance Plan


Visitors: 272

As we mentioned in previous article, many corporations offer competitive packages, and that's even a strategy in hiring and retaining employees. These competitive packages include group insurance to plans that provide individual retirement accounts or traditional registered pension plans, etc. In this article, we will discuss the benefits of group insurance Plan.

1. Benefits for employers

a) The insurance provided by company helps to reduce turnover, attract a higher class of employee and employees loyalty.
b) Provides for continuity of coverage of any new employees had previous coverage, making the employer more competitive in the labor market.
c) Creates a greater degree of employee security and efficiency.
d) Employers have a obligation to provide affordable employee protection.
e) Premium is easy to project and to adjust.
f) It is a deductible expense.

2. Benefits for employees

a) Employees received free insurance coverage without paying any premium when funded by the employer.
b) Do not require evidence of insurability on the larger plans.
c) Provide for employee security for employees dependents in the event of death, disability or critical illness.
d) Life insurance in the group insurance can be carried over to a new group policy or individual plan upon termination.

Please note that some companies have combined contribution and non contribution plan depending of seniority of each employee. This type of plan automatically enroll new hired employee and junior employees( less 3 years of seniority) into contribution plan and he or she requires to pay for portion of premium from 10% t0 30% or more before they can enroll into non contribution plan usually with seniority of 3 years or more.

I hope this information will help. If you need more information, you can read the complete series of the above subject at my home page:

Kyle J. Norton

All rights reserved. Any reproducing of this article must have all the links intact.
I have been studying natural remedies for disease prevention for over 20 years and working as a financial consultant since 1990


Article Source:

Rate this Article: 
Small Business Health Insurance - Is Your Company Ready For A Group Health Plan?
Rated 4 / 5
based on 5 votes

Related Articles:

Group Dental Insurance Plan - Either A Family Plan Or An Employer Plan

by: James Kronefield (July 03, 2007) 

Understand Disability Benefit Covered in Group Insurance Plan

by: Kyle J Norton (November 14, 2008) 

Group Car Insurance Benefits

by: Ian E. Wright (July 28, 2008) 
(Insurance/Car Auto)

Group Insurance - Understand Premium Rates, Experience and Pooled Basis of ..

by: Kyle J Norton (November 09, 2008) 
(Insurance/Life Annuities)

An Affordable Dallas Group Dental Insurance Plan Improves Employee Health and ..

by: M Chapman (July 31, 2007) 

The Benefits of Group Health Insurance Offered to Employees

by: Rick Stevens (July 24, 2008) 

Extended Health Care Benefits in Group Insurance Plans

by: Kyle J Norton (November 15, 2008) 

Group Health Benefits The Benefits of Buying Health Insurance Through Your ..

by: Rick Stevens (July 22, 2008) 

Understand Extension of Life Benefits, Accidental Death and Dismemberment of ..

by: Kyle J Norton (November 11, 2008) 
(Insurance/Life Annuities)

Small Business Health Insurance - Is Your Company Ready For A Group Health Plan?

by: Marilyn Katz (July 12, 2007)