Group life insurance provides cover for groups of people linked by a common factor such as employment of a company or members of a superannuation fund.
The types of insurance cover generally includes part or all of the following options:
The policy owner of the plan (eg. employer or super fund trustee) will generally select the range of benefits for the plan.
Most insurers have a minimum number of individuals required prior to the policy being underwritten as a ‘group’. Depending upon the insurance company, this can range from a minimum of 5 members to a minimum of 20 members.
If you have a young family, Rice Warner Actuaries recommend insurance 10-13 times your annual pre-tax income
(Analysis of Insurance Needs – Rice Warner Actuaries, May 2005).
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