What type of insurance provides coverage for a group of people, usually employees of a company, under a master contract?

Group insurance is a type of insurance designed to provide coverage to a collective group of individuals, often employees of a company, under a single master contract. This arrangement allows for lower premiums than individual policies because the risk is spread over a larger number of people. The coverage typically extends to all eligible members of the group without the need for individual underwriting, making it a more accessible option for employees.

Additionally, group insurance may offer benefits such as lower administrative costs and additional perks that can enhance employee satisfaction. These features contribute to its popularity among employers looking to provide benefits while managing costs effectively. Other types of insurance mentioned, such as term, universal, and whole life insurance, are primarily geared towards individuals and do not encompass the collective nature that defines group insurance.