¿Qué es un seguro de vida colectivo?

What is group life insurance? What are the advantages?

Group life insurance is a type of life insurance that organizations and companies can contract for their workers. In some cases, depending on the activity, this type of insurance is mandatory, since it is established by collective agreement. Group life insurance, being closely related to the world of work, usually includes coverage for death and absolute and permanent disability (due to accident or illness).

The main difference between individual life insurance and group life insurance is that group insurance covers one group, while individual insurance covers only one individual. However, policyholders have no control over coverage; That is, they cannot modify them or increase the capitals, since this depends on the policyholder (in this case, the company or entrepreneur).

The main advantages of group insurance are the following:

  • The premium is proportionally cheaper than individual insurance. In fact, these can mean savings of up to 20%, compared to taking out individual insurance.
  • There is no need for medical examinations of the insured, but it is enough to fill out a questionnaire on health and economy of the East.
  • They have a general maturity for the members of the collective (which is usually between 65 and 70 years). This is established regardless of the age of each member at the time of taking out the insurance. This is a feature that is considered very interesting.
  • They can be hired to insure a wide variety of groups, such as associations, sports clubs, professional associations, state personnel and even debtors; among others.

Some insurers also offer some complementary coverage, such as additional capital for death due to accident, total and permanent disability due to accident, and death due to work accident and / or traffic accident.

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