Collective policies cover independently a number of people within the same policy.
Advantages of Collective Life Insurance
Individual insurances cover the death of a single insured, collective insurances are covered independently, with a single policy to a certain number of people and the insurance of several heads cover more than one insured, but it is established that The sum insured will be paid in case of death of the first or last of the insured group
Characteristics of Collective Life Insurance
Individual policies cover the death of a single insured. Collective policies cover independently a number of people within the same policy. The policies of several heads cover more than one insured but determines, that the insured sum will be paid either to the first one who dies or to the last one, being established in the contract.
1. Being a collective policy, premiums are cheaper than individual ones.
2. Usually do not require medical check-ups prior to the granting of the policy, but it is mandatory to fill out a questionnaire with questions regarding your health and your economy.
3. The policy will have an equal expiration for all the members and will be between the 65 to 70 years. No matter how old you were at the beginning of the insurance.
How are they classified?
Collective Insurance for Employer-Employee
Insurance for Open Groups: Associations, Clubs, etc.
Debt Insurance
Sepelio Insurance
Insurance for Subscribers of Savings Plans
Obligatory Insurance: Compulsory Life Insurance, Compulsory Insurance for State Personnel, etc.
