WHAT ABOUT COLLECTIVE LIFE INSURANCE?

WHAT ABOUT COLLECTIVE LIFE INSURANCE?

Individual life insurance is an option increasingly valued by consumers that allows policyholders to provide economic security to your family if something happens to them.

However, there are other options to hire a life insurance that is not private: it's collective life insurance, a type of insurance in which several people are insured under the same policy.

Collective life insurance are a type of very advantageous insurance agencies and companies, as well as for those businesses who want to offer life insurance to their employees. These insurance, being closely associated with the world of work, often include coverage of death and absolute and permanent disability (due to accident or illness).

FEATURES AND BENEFITS OF COLLECTIVE LIFE INSURANCE

The main difference between an individual life insurance and group life insurance is obviously that the collective insurance covers a group, while the individual covers only to an individual.

But, what are advantages of having a single insurance for the same group of people rather than an individual insurance for each?

Firstly, one of the main advantages of collective insurance is that the premium is proportionately cheaper than hired individual insurance. In fact, their premiums can be a saving of up to 20%, as compared to individual insurance.

Another advantage that is highly valued by the contracting is that do not need medical check-ups, they simply fill out a questionnaire on health and economy of the insured. Another characteristic inherent in collective life insurance and it is usually advantageous is that is stable overall maturity for the members of the Group (which tends to be between 65 and 70 years), regardless of the age of each Member at the time of purchase insurance.

Some insurance companies offer, in addition, some complementary coverages, as additional capital for death by accident, total and permanent disability by accident, death by accident or death by accident of circulation, among others. In any case, this is something that depends on each company and what the insurer wishes to hire.

Another advantage of these insurance is that you can hire to ensure a wide variety of groups, associations, sports clubs, professional associations, staff of the State and even debtors, to name a few.