Group Life Insurance
A type of insurance coverage offered to a group of people. This coverage will provide a benefit to the beneficiaries if the covered individual dies during the defined covered period. As with other types of group benefits, group term life insurance is generally cheaper than comparable individual policy coverage. For this reason, group term life insurance is often a key component in employee benefit packages.
Group Health Insurance Plan
An insurance plan that provides healthcare coverage to a select group of people. Group health insurance plans are one of the major benefits offered by many employers. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group.
Group Long Term Disability
An insurance product that provides supplementary income in the event of an illness or accident resulting in a disability that prevents the insured from working at their regular employment. (LTD) benefits are usually provided on a monthly basis so that the individual can maintain their standard of living and continue to pay their regular expenses.
Group Short Term Disability
Short-term disability (STD) coverage provides disabled employees with a percentage of pre-disability income typically 60 percent once sick leave is exhausted. The duration of STD coverage varies, but is typically not more than six months. This benefit can be paid on a weekly basis.
Entitles covered members to specified dental services in return for a fixed, periodic payment made in advance of treatment. Such plans often include the use of deductibles, co-insurance and/or maximums to control the cost of the program to the employee.