How Group Insurance Works and How It Can Help You


Insurance is that all-important safety net for us to have at any given time for a variety of instances. While purchasing a singular insurance plan on your own may be too much on your wallet, more businesses are considering group insurance plans to help employees cover their expenses. This is designed as a cost-effective measure, with premiums paid with pretax dollars to not hurt the bottom line for workers. This also allows for lower payroll taxes for employers. Let’s take a closer look at how group insurance policies work in different lines of coverage.

Group Auto Insurance

Auto insurance is critical to have before getting behind the wheel of your car to not only ensure your protection but the protection of those on the road with you. Through companies like Republic Group Insurance, workers can cash in on competitive rates with liability, comprehensive, and collision coverage. While they may not have been able to afford this plan as a singular policyholder, they may be able to swing premiums as part of a group package.

Car insurance companies may also offer other discounts in addition to lower premiums for group plans. This could include a reduced price on car rentals, parking, or even services for your vehicle, like towing. Auto insurance providers may even offer tenure discounts if you have been with their company for an extended period of time, be it through a group coverage through your employer or an organization.

Group Health Insurance

A group health insurance plan spreads the risk through the insured parties, keeping premiums low. Insurance companies may opt to place a group into an HMO, or health maintenance organization, plan. This provides care to members through a particular medical group. This does place limits on the flexibility of care, which is why some employers instead opt for PPOs or preferred provider organizations. While the premiums are greater than that of an HMO, insured persons have far more options for the right care.

PPOs are also a better option for someone with a pre-existing medical condition or someone insured under their health insurance plan. This will also professional medical advice through consultation, without concerns for out-of-pocket costs in most cases. Monitoring symptoms is more important than ever in getting the right care.

You can use a health symptom checker to look into what is causing your sudden fatigue, or an overwhelming number of sneezes. In the time of COVID-19, it is important to be vigilant of any major symptoms like loss of smell or difficulty breathing. If you come in contact with someone who has tested positive for the coronavirus, be sure to get yourself a COVID-19 test and self-isolate to prevent spreading this invisible enemy.

Group Life Insurance

Many employers offer basic group life insurance as a benefit. In the United States, life insurance coverage amounts may range from around $25,000 to a multiple of your annual salary. This group life insurance is usually guaranteed in terms of use, not requiring a physical exam for informational purposes. This benefit may be free through an employer, and you could be enrolled automatically just by starting a new job.

Group life insurance is convenient through employers, with an easy toll-free number to contact or accessibility with the help of your HR department. While the amount of coverage that is available for free may be limited, employers may offer group pooling on a supplement life insurance plan. This can expand the safety net in the event of an untimely incident, assuring that your beneficiary gets the full death benefit. If you are worried about costs, group insurance is the way to go to spare your expenses as a policyholder.

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