WageGuard is a special purpose life insurance product. WageGuard is purchased by employers in various industries for their employees who are employed under an industrial agreement, usually an Enterprise Agreement (EA).
WageGuard provides a replacement income for employees who cannot work at full capacity or at all due to sickness or injury. The income insured by WageGuard is the employee's average income over the past 12 months and includes overtime and allowances paid to the employee. The level of income WageGuard replaces is in accordance with the level of cover you have purchased and is specified on your monthly premium statement.
WageGuard provides additional cover such as a $20,000 death cover for an insured person, a $5,000 death cover for the insured person's spouse, homemaker's assistance, rehabilitation assistance and return to work assistance.
WageGuard covers an insured person 24 hours a day, 7 days a week, anywhere in the world.
To find out more about WageGuard, please download a copy of the WageGuard PDS or contact U-Cover on 1300 UCOVER.
Why choose WageGuard by UCover?
Why is WageGuard by UCover the best choice for employers seeking Group Income Protection for their employees?
- UCover have put together our WageGuard product and all our administrative processes with our busy employers in mind.
- WageGuard is a top quality insurance policy that offers flexible coverage options to comply with your specific industrial and budgetary requirements.
- Your dedicated client relations manager will provide you with professional and personal service. Supported by a national team of more than 40 dedicated personnel.
- Our in-house systems and online self service web portal make doing business with UCover simple and effective.
- UCover also have our own highly experienced in-house claims team. By assigning one claims consultant as the point of contact for both yourself and your employee, we ensure a smooth and worry free process.
How WageGuard Works
WageGuard is a group insurance product issued by Hannover to U-Cover under a single Master Policy. Participating employers acquire an interest in the Master Policy by completing an application form and paying monthly premiums. Eligible employees that are nominated by a participating employer are insured through the WageGuard Master Policy.
WageGuard is managed and administered by U-Cover. WageGuard is not an investment product, and is not designed to generate a return for any employee or employer.
When Does Cover Commence?
To become an insured person, an employee must be an Australian resident not less than 15 years of age or over the age of 70, gainfully employed by a participating employer and covered under an EA or other approved industrial or employment agreement.
When does cover for your eligible employees commence?
Eligible employees who are employed by you on the date you are accepted as a participating employer are covered from that date. Eligible employees who commence employment after that date are covered from the date they commence employment.
In both circumstances, it is a condition of cover that you nominate all eligible employees when providing monthly payroll information to U-Cover and that you pay the corresponding premium by the due date.
When Does Cover Cease?
Ceasing to be a participating employer
If you no longer wish to be a participating employer, you may terminate the cover at any time by advising U-Cover in writing. If cover ceases, you must still submit final monthly payroll information to calculate you final premium payment.
When does cover for your insured employees cease?
Cover in respect to an insured employee shall cease on the earliest of:
- the insured person is no longer eligible for cover
- the insured person reaches age 70
- the policy is terminated. In all cases, insurance cover for each participating employer is subject to the terms and conditions of the policy
- the insured person ceases to be employed by the participating employer or the extended between job cover period has expired, if applicable
- the employer of the insured employee ceases to be a participating employer
- 30 days after the date premiums in respect of the insured person are due and still remain unpaid by the participating employer.