Can I have group insurance for my entire family ?

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Can I have group insurance for my entire family ?

Doing the Right Thing

What kind of insurance are you talking about?

If this is health, yes you can have group or family health coverage (up to a certain age for children).

If this is life insurance, most companies will allow you to add riders to your policy, that way everyone is covered. You want to avoid buying separate policies because each policy cost money (processing and underwriting).

If this is auto insurance, yes you can have group insurance.

Financial Wizard

Actually this is not group insurance....u can have a floater cover for ur family....this is what is prevelant in India....and it is much cheaper than group cover

Messett

I assume you are talking about health insurance.

In order to get a group health insurance plan you have to establish the employee / employer relationship. Any company can get a group health insurance for their employees and their families. Most states require an open enrollment period (typically in August) for groups of one. Groups of two or more can get a group plan anytime of the year. The corporation (or other entity) will have to have been in existence for 6 months to 2 years depending on the carrier, 75% of the employees have to enroll, the employer is required to pay 25-50% of the employees premium.

Most agents will tell you that you need 4 people. This is baloney. The truth is you need 4 people to get paid a commission. Commissions for 2-3 man groups are small, usually $2-3 per employee. Agents tell you that you need 4 so that they get paid.

The biggest benefit of group sponsored insurance is that it is guaranteed issue (in most if not all States). Individual and family insurance is cheaper. Most people are used to paying their group premiums after their employer has contributed 50% plus. COBRA rates are basically the cost of the group insurance without the employer subsidy.

If you are healthy and have no pre-existing conditions you will be better of with a family policy.

Kevin C

Possibly yes...if you have a family owned business and they are all working there, you could possibly get a small group policy. Some group insurance will go as small as a pool of 4 people, most typically its 10 plus.

apurav a

Actually you are asking about group insurance but not specifying whether it is life or non-life. Mediclaim Insurance of the whole family is actually easier in processing and cost atleast 10% lower than individual case. In life Insurance you cannot cover whole of your family under any plan. Life Insurance is actually a acontract between the insurer and the insured(customer). For further solution of your queries join my group at tax_investment_group@yahoogroups.com

Neil G

yes that is why its called group insurance

Janmitra

Yes u can have group insurance for your family.

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