Haba Insurtech’s group life insurance protects a group of individual under one policy. Usually offered by employers, it can also be provided by other entities like organizations or affinity groups. The aim is to provide financial protection to group members and their beneficiaries in case of the insured person’s death.
Common Workplace Benefit: Haba Insurtech’s Group life insurance is a standard employee benefit offered by employers as part of a comprehensive benefit package. Employers may cover the entire cost or share it with employees.
Non-Workplace Groups: Haba Insurtech’s Group life insurance is not exclusive to the workplace. It can also be offered by associations, clubs, or other organizations to their members as a benefit.
Most Common Form: Haba Insurtech’s Group life insurance policies are typically term life insurance policies. Term life insurance offers coverage for a specified period, and in the event of the insured person’s death during this period, a death benefit is paid to the beneficiary.
Employer-Funded or Employee Contributions: Employers may fully fund group life insurance coverage, or employees may opt to contribute to the cost through payroll deductions.
Tax-Advantage Premium: In many cases, premiums for group life insurance are tax-deductible for employers. Additionally, the death benefits received by beneficiaries are typically tax-free.