Everything you need to know about group life insurance

Group life insurance is one of the most interesting policies for companies, since it is a fundamental service for their collaborators. Below, we will explain the relevant points of this topic.

What is group life insurance?

Group life insurance is an ideal policy for a group of associated people, who are part of groups, associations or organizations. The objective is to provide financial protection against multiple risk scenarios for physical integrity, the ability to work or for life itself.

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Generally, these types of services are used by companies ranging from SMEs to large companies, since it is possible to insure from 3 to 200 workers. All this based on the contract signed with the chosen institution.

How does the group life policy work?

It is important to take into account that this type of insurance is contracted on a temporary basis, so the insured are protected for a certain period of time defined at the beginning of the deal.

These are the most relevant points about the coverage of this life policy:

• The main point is compensation in case of accidental death.
• Includes coverage for cases of total or partial disability.
• There is protection in situations where there is loss of limbs, for example, hands, fingers or feet.

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Benefits of group life insurance

Group life insurance generates certain benefits or advantages for the company that acquires this service; below, we provide you with specific aspects of greater importance.

• All members of the company have the same coverage.
• There are no insurability requirements, this means that it is not necessary to make health declarations or medical examinations.
• The company covers the premium in full and 100% insurance must be provided to employees.
• The price is cheaper compared to individual insurance, since insurers offer discounts to companies to guarantee their membership.
• Group life insurance is tax deductible.

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LEX & CO is a law firm with more than 30 years of experience that accompanies you at all times to guarantee compliance with everything agreed in the group life insurance acquired by your company; If you require specific advice for your case, or if you are looking for a real estate lawyer in Mexico, contact us now through our WhatsApp button. We will help you resolve all your doubts on this topic.

Lic. Carlos Figueroa Rodríguez

Carlos Figueroa Rodríguez, attorney at law at Lex & Co. He has more than 10 years of experience in specialized cases involving insurance claims and medical malpractice. He is a graduate of the Universidad Anáhuac and has a Master’s Degree in Constitutional Law and Amparo from the National Bar Association. He also has a Doctorate in Juridical Sciences from the UCI Mexico. Professional license 6577215.