Group Life – YES INSURANCE

Protecting Your Team, Securing Their Future:

Yes group life insurance policy for associations and clubs is designed to provide life insurance coverage to members of an organization. This type of policy offers several advantages for both the association and its members, including lower premiums, simplified underwriting, and the convenience of coverage being provided through the organization. Here are key aspects of such policies:

Features

Eligibility: Members of the association or club are typically eligible.
Coverage Amounts: Coverage amounts can vary based on the needs of the organization and its members.
Premiums: Premiums are usually lower than individual policies due to the pooled risk.
Underwriting: Simplified underwriting or guaranteed issue (no medical exam) is common, especially for basic coverage amounts.

Benefits

Attract and Retain Members: Offering group life insurance can be a valuable benefit that helps attract and retain members.
Enhance Member Benefits: It adds value to the membership package, enhancing the overall benefits offered by the association or club.
Cost Savings: Lower premiums compared to individual life insurance policies.
Ease of Access: Simplified application process with fewer medical requirements.
Financial Security:Provides financial protection for members’ families in the event of the member’s death.
Community and Cohesion: Providing group life insurance can strengthen the sense of community and support among members.

Other Services offered

Additional services include micro loan protection, and Group life protection plan.

Underwriting and Eligibility:

Group Life Underwriting: The underwriting process for group life insurance policies typically involves simplified or no individual underwriting. Instead, the insurer assesses the risk of the group as a whole, allowing for broader coverage and potentially lower premiums.
Guaranteed Acceptance: Group life insurance policies often offer guaranteed acceptance, meaning that eligible members or employees can obtain coverage without the need for medical exams or health questionnaires. This ensures accessibility to coverage for individuals with pre-existing health conditions or other risk factors

Premiums and Payment:

Premium Structure: Premiums for the group life insurance policy are typically structured based on the group’s demographics, such as age, gender, and overall risk profile. Premiums may be subsidized in whole or in part by the employer or organization sponsoring the policy.
Fixed Premiums: The premium rates for both the life and funeral insurance components of the policy are fixed and may adjusted yearly during the duration of the coverage period. This provides stability and predictability in premium payments for both the employer/organization and the insured individuals.

Customer Support and Claims Processing:

Dedicated Support: The insurer provides dedicated customer support to assist employers, members, and beneficiaries with questions related to coverage, claims, and other policy-related matters.
Efficient Claims Processing: In the event of a covered loss, the insurer offers prompt and efficient claims processing . This ensures that beneficiaries receive timely access to the benefits they are entitled to, providing peace of mind during challenging times.

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Yes Microinsurance offers peace of mind in a compact package. Affordable, accessible, and reliable protection for life's uncertainties. Highly recommended.

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Absolutely impressed with Yes Microinsurance! Comprehensive coverage, hassle-free claims. A game-changer for financial security.

Ngozi Adebayo

info@yesinsurance.com.ng

+234 817 584 8057

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