Group insurance allows business to buy insurance cover for their employees (and themselves) in bulk. As group insurance plans pool the risk across a larger number of people, this allows insurers to offer coverage at lower rates than individual rates may allow.
Group & workplace insurance
Group insurance provides collective cover of personal and medical insurance for employees and business owners at reduced rates. Group cover is a great way to retain and attract staff.
Group insurance options for your team
Life cover
This pays a lump sum of money to an employee’s family if the employee passes away or becomes terminally ill.
Trauma cover
This pays a lump sum of money to help the employee recover from a serious illness, such as cancer, heart attack or stroke.
Total & permanent disablement
This provides a lump sum payment should an employee become totally and permanently disabled.
Medical insurance
This provides employees with quick access to surgical procedures in a private hospital.
Salary continuance
This provides employees with money to live on while they’re not receiving their salary or wages due to sickness or injury.
About group insurance
Group insurance provides a real way to support employees if they can no longer work due to sickness, disability or injury. It will also give them access to the private health system. Find out more about how group insurance works
What is group insurance?
How much does group insurance cost?
As each plan has its own rates it’s difficult to specify a standard cost; however, the rates are typically lower than paying for individual policies. The cost of a Group Insurance plan is usually around 2% of your total salary cost, which represents excellent value.
How are workplaces eligible for group insurance?
Generally, to qualify, your business needs:
- 5 or more employees
- A genuine employer/employee relationship.
- Clear eligibility rules (e.g., all full-time staff).
- 100% of eligible employees covered; and
- Premiums paid by the employer.
How does my business set up group cover?
Once you review the terms and complete a few simple forms, we handle the rest. Employee input is rarely required. Our team manages the full onboarding process, from finalising premiums to invoicing and providing policy documents to your team. We’re also happy to provide you and your staff with on-going financial bootcamps – with no cost to the employer.
Does coverage extend to business owners?
A group plan can cover business owners as well as their employees. If you are a business owner who has been denied coverage due to your business structure or risk profile, or have pre-existing conditions, group coverage can offer a pathway toward getting personal or medical insurance.
Do personal health issues need to be disclosed?
Employees and business owners are not required to disclose their personal health information. Each plan has an Automatic Acceptance Limit (AAL), meaning employees and principals are covered up to specified levels without medical exams or history. Individual applications are only required for cover above these limits.
How are group insurance claims made?
All claims are assessed by the insurer as quickly as possible. We provide specific group insurance claim forms through your adviser to help make the process as smooth as possible for your employees.
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