How long could your members meet their financial obligations without an income?
For most, it's not long at all.
Group Income Protection has become a popular insurance with many unions who have taken an interest in protecting their members from financial hardship should they be off work for an extended period of time due to accident or sickness. The insurance can cover 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.
Benefits for your members being covered under a group policy
Not only is Income Protection a valuable employee benefit that provides financial protection for your members and their families, obtaining cover under a group policy has added advantages for your members including:
- Removing the need for medicals and underwriting to obtain cover.
- Providing additional benefits not usually available on individual policies
- Providing cover that would have cost more if they were to obtain it on their own.
To discuss the benefits of income protection further, contact us today or complete the contact us form and we'll get in touch with you.
Chifley Insurance Brokers offer tender management services, making the process of selecting an insurer easy and transparent. We work to secure a competitive and appropriate solution that suits your insurance needs. As part of our 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 to secure competitive pricing and comprehensive cover.
- Issue a tender report comparing options and providing a summary of findings.
- Place and establish the group policy.
Furthermore, once our account management services are in place, we'll provide ongoing support and administration services.
Your dedicated account manager
Chifley Insurance Brokers will appoint a dedicated account manager to each policy providing account management services that include:
- Processing and distributing all relevant documentation between client and the insurer
- Providing educational material for employees (insured persons) as required
- Liaising with the insurer on behalf of both client and covered members where required
- Providing feedback on performance of policy wherever necessary
- Managing the renewal of the 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 members.