How long could your employees meet their financial obligations without an income?
For most, it's not long at all.
Group Income Protection insurance is designed to protect an employee's income should they be off work for an extended period due to an accident or sickness. The insurance can cover your employees for both at work and outside of work events.
The cover will replace a percentage of their income (usually 85 per cent) for a given period of time, most commonly two years or up to the age of 65. Cover begins after the employee is off work for a specified amount of time - starting from seven days - known as a waiting or excess period.
Types of income protection policies
Group Income Protection can be acquired in two distinct insurance markets:
- ‘Life’ insurance market – where it is often referred to as group salary continuance.
- ‘General’ insurance market – where it is often known as group accident and sickness or injury and illness insurance.
Each market offers its own unique advantages and disadvantages that often depend on the clients need.
Chifley Insurance Brokers specialise in group income protection and can help you determine which policy best suits your needs.
Benefits to you and your staff
Although income protection is designed to protect your employees, there are many benefits for an employer looking to establish a group policy, such as:
- Offering an alternative to self-insuring or unlimited sick leave schemes. Benefits include transferring your liability, fixing costs and reducing administration including claims management.
- Lowering the use of sick leave and other forms of leave paid by you, capping extensive leave for claimable events to the waiting period on the policy.
- Reducing suspect claims on your workers' compensation policy which in turn can reduce premium costs.
- Policies have added benefits such as rehabilitation assistance that can help get your employees back to work sooner.
- A valued employee benefit can help with staff attraction, satisfaction and retention.
A group policy can also have the following benefits for employees:
- Removing the need for medicals and underwriting to obtain cover.
- Providing additional benefits not usually available on individual policies
- Provide cover that would cost less than if you were to obtain it on your own.
To discuss the benefits of income protection further, we recommend that you speak to one of the Chifley team. With years of experience in the sector, we can help you find the right group policy for your business.
Chifley Insurance Brokers offer tender review services to help make sure you secure a competitive and appropriate solution that suits your insurance needs. When you enlist our tender management services, we will:
- Understand and analyse your requirements.
- Prepare a thorough underwriting submission.
- Extend an invitation to tender to a select panel of underwriters.
- Negotiate on your behalf to secure competitive pricing and comprehensive cover.
- Issue a tender report comparing your options and providing a summary of findings.
- Place and establish your group policy.
Furthermore, once our account management services are in place, we'll provide you with ongoing support and administration services.
Your dedicated account manager
Chifley Insurance Brokers will appoint a dedicated account manager to manage your account with your insurer, as well as providing you account management services that include:
- Processing and distributing all relevant documentation between you and the insurer
- Providing educational material for your employees as required
- Liaising with the insurer on behalf of both you and your employees where required
- Providing feedback on performance of policy wherever necessary
- Managing the renewal of your policy
- Providing general assistance
Your administration team
Depending on the policy established, we'll also take charge of certain administrative duties, including:
- Registering employees as insured persons
- Collecting and remitting insurance premiums on a monthly basis to the insurer.
- Providing monthly tax invoices.
Get in touch with us to find out more about the benefit we can bring to your business.