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What are the main differences between group and individual insurance?

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What are the main differences between group and individual insurance?

What are the main differences between group and individual insurance?

The basic difference is in the ‘insurability’ of the person. If you want to buy an insurance plan as an individual, you would usually have to go for a medical checkup. You would probably have to answer a series of questions also. The insurer can reject your application based on your health profile, your medical history, your age or your income. Basically, your risk profile is assessed through these questions and then a decision is taken. Your application is accepted, rejected or accepted with conditional coverage. In a group insurance plan however, individual ‘insurability’ is not analyzed. Since the group is being insured as a whole, the risk is balanced out. The bigger the group, the lesser the risk to the company. The risk is also reduced if the company increasingly underwrites other policies in the group. This brings more people under its cover and reduces its risks.

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