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5 reasons to offer group insurance anyhow

05 March 2021


Today, about half of the companies in Flanders offer their personnel group insurance. Their number continues to grow, although there are also companies that doubt the usefulness of such an insurance. Does your company belong to the latter group? Then be sure to read on, because both you and your staff are missing out on many benefits.

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1. Group insurance is popular, and rightly so

Our politicians are specialists in making beautiful promises, but when it comes to our pensions, they invariably fall short. In 2020, the average net pension in Flanders will be less than 1,500 net. Without a supplementary pension, most people will find it difficult to continue their lifestyle, which does not have to be all that generous, when they stop working.

2. Tax benefit for your company

Offering group insurance is an interesting way to reduce labour costs. The contributions you pay as an employer are tax deductible. Moreover, the NSSO (RSZ) contributions on the premiums are lower than the charges on ordinary wages.

You choose the amount you pay yourself - there is no legal minimum premium, although some insurers do apply a lower limit.

3. More net benefit for your employees

There is also a lot of tax benefit for your employees to grasp. For example, they get twice as much from a pay rise if you deposit the amount in their group insurance instead of in their current account.

4. Group insurance: a safe investment

Group insurance has built-in security mechanisms so that the premiums paid in are always guaranteed:

  • The accumulated amount must always be available to the insurer.
  • Insurers must maintain a solvency margin as a buffer.
  • The premiums are safely invested (quality bonds make up the largest part of the investment portfolio).
  • The government actively supervises group insurers.

Please note that group insurances only have a guaranteed return if you opt for branch 21. Group insurances based on an investment fund (branch 23) do not offer a guaranteed return.

5. Outsource your information duty on group insurance easily

Do not be discouraged by the legal information duty that a group insurance entails for your employees. Our insurance architects follow all developments closely and are happy to visit you annually (or more frequently) to inform your people about the possibilities and about possible changes in the law. So please feel free to contact us for more information.


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