How long can you support your family and lifestyle without an income?
For most of us, it’s not long at all.
Group Income Protection Insurance (also referred to as Group Accident and Sickness Insurance) is designed to replace your income should you be off work for an extended period of time due to an accident or sickness. The insurance can cover you for both at work and outside of work events.
It is insurance cover that is taken out by an employer on behalf of it’s employees.
The cover will replace a percentage of your 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 you are off work for a specified amount of time – starting from seven days – known as a waiting or excess period.
Group Accident and Sickness Insurance helps you to maintain your standard of living, meeting your day to day expenses while you are off work recovering, without being burdened by financial stress.
Benefits of having income protection through your employer
Obtaining insurance under a group arrangement can often create the purchasing power to provide greater benefits and coverage than that of a similar personal insurance policy. Some of the key features and benefits of being covered for accident and sickness under a group policy may include:
- Weekly benefit of up to 100% of income if you are unable to work due to accident or sickness
- Top up cover to workers compensation entitlements
- Capital benefits (lump sum payment) for specific injuries such as broken bones
- Additional benefits that are not usually available on individual policies
- 24 hours, 7 days a week worldwide cover
- No medical examination required on joining the policy
- No application forms to complete
- Shorter waiting periods, protecting your leave entitlements from being eroded by time off work.
How can I access these benefits?
We work with your employer to help bring this cover to you. As a broker, we can help design, negotiate and introduce benefits like Income Protection Insurance into your company employee benefits programs or enterprise agreement.
To find out if you’re covered talk to your employer or union delegate today.