Group Income Protection Insurance
Strength in numbers. Power to the people. United, you'll never be defeated ... the power of group income protection insurance lies in the spaces between each member of the fund. Group income insurance offers the opportunity to create a whole that is more than the sum of its parts - the opportunity to retain your most important staff, attract the people that you want to work for you and give back to the people who give to your company. What Is Group Income Protection Insurance?
Group income protection insurance can offer many of the same benefits and terms available in a a standard income protection policy. That is, each individual employee covered under the policy:
- Pays a premium (which may be done by the company on behalf of the employee)
- If an employee becomes partially or totally 'disabled', that is unable to perform their normal duties, a claim is submitted
- A monthly amount is paid to help your employee keep their head above water, until they are able to work again.
Why Should Businesses Consider Group Income Protection?
Because a group policy brings many new members to an insurer at one time, there are additional benefits over an ordinary private, single-person policy.
These benefits of group income protection include:
- Lower premiums
- Optional superannuation contribution cover available
- No individual applications or medical assessments are needed (subject to underwriting if applying for increase cover)
workplace group income protection policy has benefits to the company, too. A significant percentage of workers leave their jobs because of a mismatch of culture or because they feel underappreciated. Add to this the cost of replacing workers, and a goodwill gesture like group income insurance may become a saving, rather than an expense.
Who Pays for Group Income Protection - The Company or the Employees?
This can be arranged in whatever way is suitable for your workplace.
You can choose for the policy to be part of the employee benefits package and fully paid by the company. Alternatively, you can choose to have employees make a nominal contribution to their insurance, or to pay the full amount.
What's the Difference Between Worker's Compensation and Group Income Protection?
Both of these schemes aim to ensure that workers don't suffer financially following an illness or injury.
However, Worker's Compensation can only be paid if the injury or illness was occupationally acquired. Group income protection insurance provides cover for employees while at work and outside of working hours.
Telling your employees you care about them through workplace schemes such as group income protection insurance can make a big difference to the way it feels to come to work; from the conversations that people have, the smiles that are exchanged, the productivity of the workplace ... and ultimately to company profitability.
It makes good insurance sense, and it makes good business sense. To find out more about group income protection, get in touch with an insurance expert today.
