PayCover - How It Works
At Coverforce, we manage your PayCover for you directly and will:
- Arrange your registration as a participating employer,
- Arrange the registration of your employees,
- Collect, allocate and remit insurance premiums,
- Distribute and process all the relevant documentation necessary in:
- Arranging and administering your insurance (Including but not limited to monthly premium statements, receipts for payment of premiums, distribution to you of disclosure documentation such as a PDS and a copy of the Master Policy).
- Provide you with specific advice regarding the Master Policy if requested,
- Manage and administer applications for claims,
- Manage and administer the ongoing claims process,
- Process payments for claims including the management and remittance of applicable taxes and any other statutory requirements,
- Issue PAYG summaries to claimants that have received benefits directly from us,
- Maintain and improve the technology used to administer PayCover, and
- Provide all necessary assistance to participating employers and insured employees.
Our Trusted Underwriter – Hannover Life Re
Hannover Life Re is a specialist provider of group life and group income protection insurance to:
- Superannuation funds,
- Industry funds and
- Master trusts.
Hannover Life Re is the underwriter for the PayCover Policy
It has a proud history of being an industry leader in the provision of group risk insurance. As one of the longest standing group risk insurers in the Australian market, Hannover Life Re understands the value of long term partnerships, sustainability and delivering the highest level of customer satisfaction.
Financial Strength and Security
During challenging and uncertain economic times, it’s crucial your insurer has the ability to continually pay your claims. By selecting Hannover, you can rest assured that we have a long term commitment to the Australian life insurance market. We are financially strong and have the resources and capital reserves to meet present and future claims.
The life insurance business owned by Hannover has been operating in Australia since 1958. Hannover Life Re is a wholly-owned subsidiary of Hannover Re, one of the world’s leading global life reinsurance groups. Hannover Life Re and Hannover Re both enjoy a Standard and Poor’s financial strength rating of AA- (very strong). In addition, A.M Best has awarded Hannover Re with a financial strength rating of A+ (superior).