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What is collective life insurance?

Along with individual products, which the policyholder chooses and arranges independently, there are also collective ones. Mafin Media tells how this type of insurance works, what is included in it and who issues it.
What is collective life insurance?

Group (collective, corporate) insurance is a type of insurance, in which several persons are covered with the policy, and it is issued to the employer or other representative of the group of insured persons.

Employers encourage their employees to join group insurance as a primary benefit. The company provides its employees with financial protection from risks associated with life and health this way and improves its image as a socially oriented employer in the labor market.

Corporate accident insurance protects company employees and their family members in the event of loss of a breadwinner, loss of ability to work, or disability of the insured employee.

Individual insurance is more tailored to the needs of the policyholder: they can determine the amount of insurance coverage and add or exclude risks to the policy. Collective insurance does not have such flexibility.

Source: https://money.com/what-is-group-life-insurance/

Photos are from open sources.

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