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Company life insurance: see how it works

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Many companies, especially medium and large ones, offer life insurance in their range of employee benefits . Many end up not adhering to the corporate plan because they do not understand what it is about or because they want to save money in some way.

Despite being used on a large scale and being one of the most used corporate products, there are still many questions about the life insurance offered by the company.

Below, we list some important points that may clarify more on the subject.

Many companies, especially medium and large ones, offer life insurance in their range of employee benefits . Many end up not adhering to the corporate plan because they do not understand what it is about or because they want to save money in some way.

Despite being used on a large scale and being one of the most used corporate products, there are still many questions about the life insurance offered by the company.

Below, we list some important points that may clarify more on the subject.

Is corporate life insurance only valid for death?

Do not. When an employee subscribes to life insurance through the company, he and his family will be protected in other points, such as:

– Emergency medical assistance: the insured person may have medical assistance at associated clinics and hospitals when traveling in national or foreign territory.

– Expenses with doctors and dentistry – if the insured has an accident, the deductible may cover these expenses.

– Advancement of the premium in life – many plans offer the release of indemnity in life in cases of chronic or terminal illnesses.

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– Disability due to accident – ​​the employee will be covered in cases of accidents at work, and may receive a daily income during the time they are away.

In the video below we explain the main differences between business and individual life insurance.

Does insurance cover funeral assistance?

Yes. In the event of death, the insurance will cover all expenses and will take care of bureaucratic arrangements with the partner funeral home. It is important to know the rules of this modality in the contract.

Do the values ​​change?

Yes. When contracting life insurance for employees, some characteristics will be taken into account. The cost varies depending on the employee’s age, the amount of additional coverage and the amount of the chosen indemnity.

What is the difference between individual and collective life insurance?

A very common question concerns the difference between group life insurance and individual plans . The type chosen by the employer varies. However, there are agreements with many unions, in which the contracting of group life insurance is mandatory.

Individual life insurance, in turn, involves two parties: the insurer and the insured. When contracted, cancellation must be negotiated directly with the customer. Only the insured person can cancel the insurance, provided that the rules provided for in the contract are complied with.

A group life policy, on the other hand, has a representative of the policyholders, who can be the employer or a specialized external agent. He is the one who will sign the contract with the insurance company and will include as many employees as necessary in the policy. Unlike individual life insurance, the policy will always renew periodically. In this case, both the insurer and the stipulator have the right not to renew the contract. Here, coverage will not be customized and will not meet the individual needs of each insured person and their families.

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On our blog we already talked about company life insurance. If your question is “ Do I need life insurance if I already have company life insurance? ” be sure to read our post.

So, do you still have any questions? If you have any questions, contact Bidu. Here, you can quote and purchase your life insurance online . Do a simulation and protect yourself and who you love!

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