Group Risk Insurance

"a group risk insurance program can form an integral part of a companies employee benefit offering."

We can structure and provide a group risk program that will:

  • Retain and attract quality staff
  • Protect your company against the high cost of employee absenteeisim
  • Ensure that your employees are adequately insured against the loss of income in the event of sickness or accident
  • Promote your company as an employer of choice
  • For existing policy holders we can generally secure an improvement in benefits, cost reduction and increased efficiencies in relation to the administration of the plan

What is Group Life Insurance ?

Group Life insurance will provide a lump sum benefit in the event of death from any causes or total permanent disability. 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 permanent disability.

Premiums are generally tax deductible to the employer and not subject to FBT. Claim proceeds are assessable to the employer but are deductible when paid out to the employee / dependant.

Lump sum payments to the employee / dependant are treated the same as payments made by a superannuation fund under the same conditions.

Why consider Group Life Insurance ?

Generally, Group Life insurance is included within the employers default superannuation plan. With the advent of the Choice of Fund legislation, employees now have the ability to choose which superannuation fund they want the Superannuation Guarantee Contribution to be directed to.

As part of an employers HR strategy, an employer may fund the cost of this insurance. Employees who choose an alternative superannuation fund will miss out on this employee benefit and will limit the employers’ control of ensuring adequate insurance protection for their employees.

What is Group Salary Continuance Insurance ?

Group Salary Continuance / Income Protection Insurance will provide a monthly income benefit to an insured person if they are unable to perform the important duties of their occupation due to an accident or illness. The cover is 24 hours, 7 days per week, 365 days per year.

The monthly benefit is generally calculated as 75% of the insured person’s gross monthly salary (including most packaged items). Claim benefit payments will commence after expiry of the predetermined waiting periods (30, 60, 90 or 180 days) and will continue until the earlier of returning to work, reaching age 65, death or the expiry of the pre determined benefit period (2 or 5 year, or to age 65).

Premiums for salary continuance insurance are fully tax deductible and are not subject to FBT. Claim payments are subject to PAYG tax.

Why consider Group Salary Continuance Insurance ?

Group Salary Continuance insurance is viewed by employees as an invaluable part of an employees salary package. It provides the peace of mind that if they become seriously ill or disabled for extended periods, they will receive financial security.

We are confident in our ability to secure market leading outcomes for our clients and would like to demonstrate to you our knowledge, experience and service capabilities. We are comfortable to provide prospective clients with a market based review on their existing program at no cost.

Already have a policy in place ?

We are confident that our review services will provide an overall increase in benefits and a reduction in cost to your existing employee benefit program, that in turn will highlight your position as an emplyer of choice within your industry.

If you do not currently provide your employees with these types of insurances we would like to provide you with the opportunity to explore the potential benefits available to your company through the implementation a group risk insurance program.

We have a significant level knowledge and experience within the group risk insurance market place and have woked with a wide range of companies from a number of industries including professional services firms, construction firms, accounting and legal firms, miners, airlines, manufacturers and government related entities.