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Protect Your Human Assets

Approximately 90% of workers have no privately arranged Income Protection Insurance. Life Insurance and/or Salary Continuance Insurance offered by an employer under a Group plan is therefore an attractive benefit that brings peace of mind and a feeling of security, not only to employees but also to their spouses and dependents.

What is group insurance?

Typically available to organisations of 20 staff or more, Group Insurance encompasses Life and Salary Continuance secured for a defined group of people. Coverage is offered under one master policy for all employees, reducing operations expenses and allowing your business to enjoy benefits at a competitive premium which is less expensive than individual policies. Additionally, an automatic acceptance level established around employee demographics means participants may benefit from cover without extensive medical checks. A three year premium guarantee period is negotiated for your organisation and the policy is annually renewed. Regardless of your claims history the policy is non-cancellable by the insurer.

Group Insurance is an appealing component to an Employee Benefits Program. It not only provides financial peace of mind for employees, but can remove the potential for any moral or financial dilemmas for you, the employer, arising from severe injury, illness or death of an employee.

Group life insurance

Group Life Insurance provides a lump sum benefit in the event of total and permanent disability, or death. The policy is owned by the employer for the purpose of providing the death benefit to the beneficiary or deceased estate, or the employee in the case of total and permanent disability.

In the case of death, proceeds from Group Life Insurance can be used to pay funeral expenses, pay off debts and provide future income for children or a spouse. In the case of total and permanent disability, a Group Life Insurance payment can help protect against financial hardship as the employee adjusts to a new life situation.

Group Salary Continuance

Group Salary Continuance (Income Protection) Insurance protects against an extended inability to work due to serious illness or injury, by providing a monthly payment. Cover is provided worldwide, 24 hours a day, 7 days per week, 365 day per year.

Policies typically cover up to 75% of the individual’s salary and can also include a superannuation contribution component of up to 10%. We can tailor the policy to your requirements by varying the waiting period and benefit period. Common waiting periods include 30, 60, and 90 days, whilst benefit payments may continue for 2 years, 5 years or to Age 65.

Personal Accident

Personal Accident Insurance is another type of income protection insurance and is typically included in an EBA or Workplace Agreement. Willis can assist employers in tailoring a solution that meets the requirement of any Workplace Agreement to ensure your ongoing compliance and provide financial protection for your employees.