Group insurance and retail insurance are two types of insurance that are used to protect individuals and families against financial loss. Group insurance is insurance that is provided to a group of people, typically as a benefit offered by an employer. For example, an employer might offer group health insurance to its employees, which provides coverage for medical expenses. Group insurance is usually less expensive than retail insurance, as the cost is spread among a large number of people. Retail insurance, on the other hand, is insurance that is purchased by individuals or families on their own. Retail insurance can be more expensive than group insurance, but it also offers more flexibility, as individuals can choose the coverage that best meets their needs.
GROUP INSURANCE
Group insurance is insurance advice is provided to a group of people, typically as a benefit offered by an employer. For example, an employer might offer group health insurance to its employees, which provides coverage for medical expenses.
Group life insurance is another common type of group insurance, which provides a death benefit to the beneficiaries of the insured person. Group insurance is usually less expensive than individual insurance, as the cost is spread among a large number of people.
It is also often more comprehensive, as it provides coverage for a wider range of benefits. Group insurance can be a useful way for employers to attract and retain employees, and for employees to obtain affordable insurance coverage.
RETAIL INSURANCE
Retail insurance is insurance that is purchased by individuals or families on their own, it include family financial planning, rather than through a group plan such as an employer-sponsored benefit. Retail insurance can be more expensive than group insurance, but it also offers more flexibility, as individuals can choose the coverage that best meets their needs.
For example, an individual might purchase a retail health insurance plan that covers a specific medical condition or procedure that is not covered by a group plan.
Retail insurance can also be tailored to an individual’s specific needs and circumstances, such as their age, health, and lifestyle. Retail insurance is typically purchased from an insurance broker or agent, who can help individuals compare different policies and choose the coverage that is right for them.
Why not have a coffee and chat with our team to discuss your financial planning needs :
Call 1300 880 100