What Is The Formula For Calculating Required Minimum Distribution Group Insurance Programs

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Group Insurance Programs

Most people need a combination of home/renters and auto insurance to protect their belongings, satisfy government regulations, comply with the terms of a loan or lease, or help ensure coverage in the event of third party liability. However, many do not take advantage of insurance rates to reduce the amount they pay. One of the reasons for this is that they do not realize that they can qualify for group rates and pay the unreasonable rates quoted to them by their chosen insurance broker, agent, or insurer. Group rates do not by themselves guarantee lower premiums, however, they are a good and reasonable place to start your personal price comparison.

Determining whether you qualify for group insurance rates is often a matter of doing some basic research. Many employers and organizations sponsor group insurance plans for employees or members as a voluntary benefit. Alumni of various educational institutions are also sometimes eligible. After all, whether mid- to large-sized employers or organizations offer these programs or not, most are worth having, if they care to support them.

Why Group Insurance Programs?

If you are an individual, the most obvious benefit of a group insurance plan is the reduced premium cost that the insurance provides. In most cases, a discount of 10% to 30% off the price of regular car insurance or home insurance is considered normal.

Employers often view group insurance programs as a way to reward employees for their continued loyalty or to entice prospective employees to work for them. Implementing a program is easier compared to a support organization that is only responsible for helping to distribute marketing materials as needed – this may take the form of providing a distribution list or facilitating the actual drop. There is hardly any cost to the organization to provide a group sponsored program. Participation by union employees or members is strictly voluntary and there is no requirement to participate.

Features of Group Insurance Programs

Generally, organizations that qualify for group insurance programs have at least 250 employees/members – most of whom are over 25 years old. It is usually necessary for employees to work full-time or part-time. Spouses and dependent children of employees / supporting members are also generally eligible to participate in group insurance programs. Although sponsors cannot be involved in the licensed activity of actively selling the program, they must agree to the marketing plan and help facilitate the distribution of marketing materials to start the program. The marketing plan will vary from client to client, but elements of the plan may include promotional letters, printed and electronic brochures, posters, newsletters, on-site seminars, email campaigns, e-mail campaigns and websites.

Visit the Marsh Private Consumer Services website for information on auto insurance or home insurance.

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