1300 503 503
Group Income Protection Insurance
What is Group Income Protection Insurance?
Group Income Protection, also known as Personal Accident Cover, Group Risk Insurance or Group Salary Continuance is an insurance policy taken out by a company on behalf of its employees. The policy protects employees’ income in the event of total or partial disability, caused by accidental injury or sickness, 24 hours a day and 7 days a week.
Aren't employees incomes already sufficiently protected through Workers Compensation?
Workers Compensation will not cover your employees for non-work related sickness, nor will it cover them for accidental injuries that happen outside of the workplace.
Unfortunately, even if an employee has a work related sickness or accidental injury occurring in the workplace, they will only be coveredfor the legislated amount in your state.
Put simply, an income protection policy protects an employee’s real earning capacity and allows them to maintain their standard of living during a time when they really need to be worrying about their health, not their bank balance.
Can’t employees take out this insurance themselves?
It is true that employees can take out individual income protection policies. However, without the power of a group purchase behind them, an employees stand-alone policy will be much less affordable and will generally provide less benefits.
The benefits of purchasing as a Group
The key benefit of purchasing as a group is that an insurer will charge a greatly reduced premium per person for a very high quality policy. Generous policy features can also be included at very minimal additional charge and in some cases no additional charge.
Some examples of non-traditional benefits that can be integrated into Group Income Protection policy include:
- Rehabilitation and return to work assistance
- Loss of life benefits
- Funeral benefits
- Workers Compensation Top Up (payment of the difference between workers compensation paymentsand your actual wage)
- Homemaker assistance
- Reduced waiting periods and increased coverage limits
Another great benefit of purchasingas a group is you pay a single rate to cover each of your employees,regardless of their age, skills, or rate of pay. No individual applications or medical assessments are required.
Differentiate yourself as an employer of choice
In the current job market, attracting and retaining quality skilled staff is becoming an increasingly difficult task.
Those few great employees that are out there looking for work know their worth. Gone are the days when an annual pay review was all that was required to keep staff happy. These days you need to offer something extra to attract the cream of the crop.
Whilst pay increases may get new employees through the door initially, it doesn’t really go a long way to differentiate you as an employer of choice.
To avoid tripling your wage bill, it might be worthwhile to think outside the square and consider offering alternative benefits to both your current and would-be employees.
Group Income Protection Insurance is one of the most highly regarded and requested employee benefits. Many groups of employees will actually negotiate with employers to provide this insurance, as it offers employees real protection for themselves and their families.
Why choose Coverforce to administer your Group Income Protection policy?
Coverforce have more than 18 years experience as a specialist in the administration of employee benefits such as PayCover, UPlus and CivilCover, and since our inception in 1994 have paid out more than 530 million dollars in Income Protection claims and benefits to employees.
Coverforce have our own in-house claims department who deliver an unrivalled level of caring service to all claimants. Claimants are provided a dedicated claims consultant they can contact directly. The consultant will assist them with:
- Completing the necessary paperwork to lodge a claim
- Approving the claim in-house on behalf of the insurer
- Making payments according to entitlements under the policy
- Making regular follow up calls to ensure the claimant is on track to return to work where possible
Coverforce are constantly striving to improve the value of the Group Income Protection Policies we administer, our solid reputation as a trusted insurance professional allows us access to the best local and international insurance markets to achieve outstanding value for money without compromising on policy quality.
Through market changes and fluctuations you can always be certain your Coverforce policy offers the absolute best cover for yourinsurance dollar.
Coverforce administer some of the largest Group Income Protection schemes in the country. The experience we have gained through the long term management of these large schemes is what gives us confidence in our ability to exceedyour expectations. Through Coverforce, arranging group income protection for your employees is a quick and simple process.
More Information
Arranging a Group Income Protection Policy for your workplace through Coverforce is a quick and simple process for businesses of all sizes.
To obtain a quotation or further information please contact one of our experienced insurance brokers on 1300 503 503, alternatively, click here to complete a Group Income Protection Insurance quote request online.