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Life assurance
Group life assurance is a little different to Individual assurance in that it is sold in affinity groups. These affinity groups are either restricted to a company where you are an employee or part of a larger affinity group.
The way group life assurance differs from individual life assurance is that the group as a whole is assessed as opposed to an individual being assessed by the life assurance company. This is how the life assurance company goes about assessing how much the premiums will cost the group as a whole.
This is not always ideal, as there is usually a gap and you will either have to take out more life assurance to ensure that you are correctly covered in the eventuality of death or illness, or you can top the assurance up with other policies over and above the group cover policy.
The premiums for office workers in general for example will usually be a lot lower than for a group of miner workers that are high risk.
Should someone in the group suffer from poor health or have other issues that would otherwise load their premiums, this method will ensure that the insurance will be a lot lower for those that would otherwise pay a lot more for life assurance.
But this can also work the other way around. Someone in the group who is considered low risk will be paying more on their premiums, especially if the group as a whole falls into the high risk category.
The group members are seldom asked to undergo a medical but will be asked questions regarding health and life style. You are usually only covered while a member of the affinity group. You can also lose your risk cover when you leave certain affinity groups.
Some affinity groups, however, do have a conversion option whereby you will be able to continue your life assurance cover after you leave the group. This will be more expensive but the advantage is that you will not be required to undergo a medical examination.
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