What is Group Life Insurance?
Group life insurance is a one type of life insurance where a single agreement, or contract, covers an entire group of people, such as the employees of a company. Typically, with an employee life insurance policy, the owner of the life insurance policy is the employer and the life insurance policy provides cover for the employee.
In many cases, the cost of group life insurance coverage is less than what the employee would pay for the same level of cover of individual life insurance.
At Nexus, we can help you design your Group Life policy, offering many benefits thanks to solid and reliable partnerships with local and international insurance providers.
No, Life insurance is not mandatory by law; however, it is well regulated by the Insurance Authority.
In case of a death, due to an accident or sickness of an employee, the group life policy would provide the family members a settlement sum depending on the agreed level of cover for the employee, by the employer.
No, whether voluntary or involuntary (in case of getting laid off), you will most likely not be covered after the end of your employment contract. Depending on the policy, there may be an option to convert your group policy to an individual life plan.
We offer a range of covers for Group Life. You will find options for every specific need.
Temporary Total Disability (TTD) due to an accident
Permanent Total Disability (PTD) due to an accident and/or sickness
Permanent Partial Disability (PPD) due to an accident and/or sickness
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