What is group insurance?
The Bankrate.com financial term of the day is: "Group Insurance"
Consumers know that when you buy in bulk -- maybe with the mega-sizes offered at your nearest warehouse club store -- you save. The same can be true with insurance. Group insurance, which might mean health insurance or life insurance, is a policy that covers a set of people, most often employees at a company. And the costs do tend to be lower than what you'd find with an individual policy, not only because the boss might pay most of the bill, but also because the insurance risk is spread out over the group.
Insurance is more expensive when you go it alone. Group insurance means lower coverage costs.
To get an insurance quote, visit the Insurance section at Bankrate.com.
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