Nowadays, with the current global climate uncertain, it is but economically wise to protect our business financially. Also, it is as wise to protect the human asset. And one way to provide financial protection for your company's most valuable assets is to take out Group income protection insurance for your employees. |
What is Group Income Protection?
Group Income insurance, also called as Personal Accident Cover, Group Risk Insurance, Group Salary Continuance Insurance and others, is a kind of income protection that is taken out by a corporation on behalf of its employees.
Group income insurance enables employers to provide protection to their employees income by guaranteeing a replacement income in the event of total or partial disability caused by accidental injury or sickness, 24 hours a day and 7 days per week. The policy will provide financial security to their staff by paying a regular monthly benefit during any long term absence from work as a result of illness or injury.
Who is cover of group income insurance?
As the employees are the beneficiaries of these policies, Group income protection insurance is a cost-effective and valuable benefit to help attract and retain employees ? differentiating yourself from your competitors while providing income protection to your employees against sickness or injury providing them and their families with help at a time when it's needed most.
Insuring your employee's future earning capacity, benefits would be paid until the employee is able to return to work or until the policy ceases, usually retirement. More often than not, group income protection schemes also include access to rehabilitation services to encourage the recovery and return to work of the employee.
Benefits of Group Income Insurance for both Employer and Employees
Group Income Insurance is not only beneficial to the employer financially but such a benefit is highly regarded by employees, helping to attract a higher caliber of staff.
Benefits for employers:
A cost-effective way to provide an excellent financial assistance
promotes good employer - employee relationship
provides additional support and counseling without an extra cost
Benefits from tax breaks in contribution
Professional team helping in rehabilitation management
Incorporates coverage of pension and employer's NI contributions
Once only underwriting
Benefits for employees:
Guarantees financial aid as it protect up to 75% of salary while an employee is disabled due to illness or injury
provides assistance and support during rehabilitation period
Extra coverage for pension contribution as it has optional additional insurance to cover employer superannuation contributions up to 10%
may provide monthly payments up to age 65
Access to a variety of assistance for the employees and their families
Continuous medical coverage until retirement with no additional medical proof
With these kinds of benefits, for both employers and employees, get now group income protections quotes and compare income protection!
Insure4U has all your insurance information from evaluating life insurance quote to choosing Income protection insurance Australia. Let us guide you through the process of finding the right insurance for you and your loved ones.
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