Group insurance is meant to provide coverage for the entire group under one policy. Group insurance is usually sought by people who are running a business, but it can be offered to individuals as well. It will cover members of the group across any geographical location and time period. In Singapore, there are many benefits of Group Insurance available for companies or individuals looking for affordable coverage. Below are some of the benefits of Group Insurance in Singapore.
- Cost friendly
Group Insurance presents a cost-effective method of distributing risk across a wide spectrum. It allows the whole group to be insured so that if any member gets sick or dies, their dependents will receive the money they are entitled to. This is also beneficial for parents who wish to ensure their children so as to release themselves from worries about them after they are gone. It is also hassle-free as it will allow the members to choose a few people to be included in the insurance policy.
- Easy grouping
Group insurance allows the group to be grouped together for a certain period of time so that if any one member is affected, the entire group will receive some compensation for the loss. It also acts as a cohesive force that can unite parties of all kinds into one cohesive unit – this is applicable for business groups or even families when you have children in need of education and healthcare coverage.
- University education can be purchased with group insurance
Group insurance is also beneficial for students who are covered under the minimum coverage limit of $20,000 per annum. This allows students to enjoy a particular level of comfort when it comes to financial issues and consider group insurance as an option that will help in providing security for future needs. Group insurance is also beneficial to students who may need help in paying their university fees.
- Coverage for any illness or disease can be purchased with group insurance
Group Insurance provides coverage for all members against any illnesses or diseases and this also extends to their dependents. This applies even if they are outside Singapore and will continue to provide coverage as long as they join the group while staying in Singapore. This will help the members in their times of need and provides a sense of security.
- Coverage for any death can be purchased with group insurance
Group Insurance is also beneficial as it can provide coverage for any type of death – this will come in handy if there are some dependents who would not have been taken care of otherwise. This is why group insurance is considered a long-term solution for families who have young children and are planning to send them to university in the future. The coverage of death is also applicable to members who have purchased the insurance and may even provide financial support to the dependents after their death.
- Group Insurance offers insurance cover for Pensions
Group Insurance can also be purchased for the benefit of people who are already retired and would like to enjoy the perks of group insurance by stretching the limits of coverage per person. This means that it will offer protection to retirees even after they retire from their jobs which will be helpful in providing them with financial security.
In conclusion, Group insurance provides a variety of insurance coverage across all aspects of life. It can be purchased by anyone so that they can receive peace of mind and provide a reliable cover for different problems. Group Insurance is beneficial in many ways as it provides financial security and is also cost-effective to the policyholders.