• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

GetInsurance

  • General Insurance
  • Car Insurance
  • Health Insurance
  • Life Insurance
  • Travel Insurance
  • Reviews
  • Others
    • Business Insurance
    • Agents & Brokers
    • Home & Properties
  • Apply for Insurance
You are here: Home / Life Insurance / Importance of Group Life to an Association

Importance of Group Life to an Association

June 13, 2020 by Get Insurance Today

A group life insurance is a contract that protects the members of a particular group such as employees, members of a club or association. This insurance plan provides financial compensation in the event of the death of a member of the group.

As the leader of an association, you’re accountable for its members. Some associations who understand the importance of a group life insurance plan endeavour to protect their members with one. The following illustrates the importance of a group life insurance plan for associations.

Importance of Group Life Insurance

It Motivates Members

The assurance of a life insurance plan for employees has been proven to increase employee productivity. Since few employers subscribe to life insurance for their employees, employees who benefit on life insurance are motivated. 

It helps enhance company culture

Making life insurance plan a part of your company benefit is vital to creating an influential company culture. With a life insurance plan as an employee benefit makes employees feel valued and demonstrates your organisation as an employee-centric one.


Helps attract and retain employees

When new applicants are seeking for a job, a life insurance plan is parts of the differentiating factors that make them consider positions. It would be sad to lose a credible applicant because of a lack of health insurance scheme for your employees.

 

Advantages of Group Life Insurance

Default coverage for members: Coverage for members under a group life policy is “auto covered” by merely being a member of the association. 

Overrides health checks: One advantage of a group life insurance is that it’s beneficial for those considered as a high-risk group to cover since insurance is offered to all members of a group or association. 

Tax benefits: In most cases, an association gets tax benefits on group life insurance plans which helps them reduce their tax liability. 

Affordable: The group life insurance is considered as one of of the most affordable life insurance plans. Coverage for many members under a group term makes it affordable compared to individual members opting for a policy.

Easy premium payment options for Associations: Depending on the association’s needs, the members or the association can choose monthly, quarterly, half-yearly and annual premium payment mode as per their convenience. Since payment is in a group, it becomes easy.

Beneficial to members well being: Studies show that when employees know they are being cared for, their productivity increases. Group term life insurance policies play an essential role in the retainment of members in an association. It offers financial security to the beneficiaries of members which brings peace of mind to members.

Conclusion

As the leader of any association, you want to guarantee security for your members and assure their beneficiaries are left in good shape even when members are no more. A group life insurance 

Related Posts:

  • All You Need To Know About Group Life Insurance
  • Importance of the Nigerian Deposit Insurance Corporation…
  • Insurable interest – meaning, types, and importance
  • Guide to Life Insurance: Meaning and Types of a Life…
  • 10 Things To Consider Before Buying Life Insurance
  • ARM Life – Everything you should know

Filed Under: Life Insurance

Primary Sidebar

6 Life Insurance Companies in Nigeria

There are five main classes of insurance operation … Read More about 6 Life Insurance Companies in Nigeria

cost-of-life-insurance-in-nigeria

Cost of Life Insurance In Nigeria

Life insurance is a great insurance instrument to … Read More about Cost of Life Insurance In Nigeria

Aiico Travel Insurance – What you Should Know

AIICO Insurance was founded in 1963 and has since … Read More about Aiico Travel Insurance – What you Should Know

annuity-insurance

Annuity Insurance Explained

Insurance doesn’t just prepare a person for … Read More about Annuity Insurance Explained

Archives

Follow Us Online

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Related Posts:

  • All You Need To Know About Group Life Insurance
  • Importance of the Nigerian Deposit Insurance Corporation…
  • Insurable interest – meaning, types, and importance
  • Guide to Life Insurance: Meaning and Types of a Life…
  • 10 Things To Consider Before Buying Life Insurance
  • ARM Life – Everything you should know

Footer

  • About GetInsurance
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2023 Get Insurance. All Rights Reserved.