Group & workplace insurance
Group insurance provides collective cover of personal and medical insurance for employees and business owners at reduced rates. Group cover is a great way to retain and attract staff.
About group insurance
Group insurance allows business to buy insurance cover for their employees (and themselves) in bulk. As group insurance plans pool the risk across a larger number of people, this allows insurers to offer coverage at lower rates than individual rates may allow.
What is group insurance?
Group insurance allows business to buy insurance cover for their employees (and themselves) in bulk. This broad coverage allows for cheaper premiums than those offered for individual policies.
How much does group insurance cost?
As each plan has its own rates it’s difficult to specify a standard cost, however, the rates will always be less than paying for individual policies. The cost of a Group Insurance plan is usually around 2% of your total salary cost, which represents excellent value.
How are workplaces eligible for group insurance?
To qualify, your business needs:
5 or more employees
A genuine employer/employee relationship.
Clear eligibility rules (e.g., all full-time staff).
100% of eligible employees covered; and
Premiums paid by the employer.
How does my business set up group cover?
Once you review the terms and complete a few simple forms, we handle the rest. Employee input is rarely required. Our team manages the full onboarding process, from finalising premiums to invoicing and providing policy documents to your team. We’re also happy to provide you and your staff with on-going financial bootcamps – with no cost to the employer.
Does coverage extend to business owners?
A group plan can cover business owners as well as their employees. If you are a business owner who has been denied coverage due to your business structure or risk profile, or have pre-existing conditions, group coverage offers a reliable pathway towards getting personal or medical insurance.
Do personal health issues need to be disclosed?
Employees and business owners are not required to disclose their personal health information. Each plan has an Automatic Acceptance Limit (AAL), meaning employees and principals are covered up to specified levels without medical exams or history. Individual applications are only required for cover above these limits.
How are group insurance claims made?
All claims are assessed by the insurer as quickly as possible. We provide specific group insurance claim forms through your adviser to ensure the process is seamless for your employees.