Group Insurance Programs
Most individuals need a combination of home/tenants and auto
insurance to protect their assets, satisfy government regulations, comply with
loan or lease conditions, or to help ensure there is coverage in case of
third-party liability. Many, however, do not take advantage of group rates for
insurance to help reduce the amount they pay for coverage. One of the reasons
for this is that they are unaware that they may qualify for group rates and pay
the undiscounted rates quoted to them by their selected insurance broker,
agent, or insurer. Group rates do not in of themselves guarantee lower
premiums, however, they are a good and logical starting point for your personal
rate comparison.
Finding out if you are eligible for group insurance rates is
usually a matter of doing some basic research. Many employers and associations
sponsor group insurance plans for their employees or members as a voluntary
benefit. Alumni of various educational institutions are also sometimes
eligible. In fact, whether mid- to large-size employers or associations offer
these programs or not, most are eligible to have one, if they care to sponsor
it.
Why Group Insurance Programs?
If you're an individual, the most obvious benefit of a group
insurance program is the discounted premium rate offered by the insurer. In the
majority of cases, a discount of 10% to 30% off regular insurer rates for car
or home insurance is considered normal.
Employers often look to group insurance programs as a way of
rewarding employees for their continued loyalty or enticing prospective
employees to work for them. Implementing a program is relatively easy with the
sponsoring organization only responsible for helping to distribute marketing
materials as required - this generally takes the form of providing distribution
lists or facilitating actual drops. There is rarely any cost to the
organization to offer a group sponsored program. Participation by organization
employees or members is strictly voluntary and there are usually no minimum
participation requirements.
Characteristics of Group Insurance Programs
In general, organizations that qualify for group insurance
programs have a minimum of 250 employees/members - with the majority being over
25 years of age. It is normally a requirement that employees are either full-time
or permanent part-time. Spouses and dependent children of sponsor
employees/members are also generally eligible to participate in group insurance
programs. Although sponsors cannot be involved in the licensed activity of
actively selling the program, they are required to agree to a marketing plan
and help facilitate the distribution of marketing materials to launch the
program. The marketing plan will differ from sponsor to sponsor, but elements
of the plan could typically include announcement letters, print and electronic
brochures, posters, newsletter articles, on-site seminars, mail campaigns,
email campaigns, and websites.
Visit the Marsh's Private Client Services website for
information about and car and home insurance.
Marsh's Private Client Services is the administrator of
group home and auto insurance programs and an operating practice of Marsh
Canada Limited. Marsh is a global leader in insurance broking and risk
management. With Marsh's Private Client Services, you have access to a team of
knowledgeable and experienced insurance brokers, readily available to help you
determine your home, auto, and tenants coverage requirements. Marsh's Private
Client Services offers the strength and stability of a national company with a
commitment to professional and personalized service. Please call your Marsh's
Private Client Services licensed insurance broker to discuss group insurance
programs or receive a no-obligation insurance quote at 1 877 476 6727.
Article Source: http://EzineArticles.com/?expert=Tom_Lum
Article Source: http://EzineArticles.com/8813317
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