Group Life Cover

Home > Insurance Strategies > Group Life Cover


Group life insurance provides cover for groups of people linked by a common factor such as employment of a company or members of a superannuation fund.

 

The types of insurance cover generally includes part or all of the following options:

  • Life insurance
  • Total & Permanent Disability
  • Critical Illness
  • Salary Continuance

 

Potential Cost Savings For Every Member

 

The policy owner of the plan (eg. employer or super fund trustee) will generally select the range of benefits for the plan.

Most insurers have a minimum number of individuals required prior to the policy being underwritten as a ‘group’. Depending upon the insurance company, this can range from a minimum of 5 members to a minimum of 20 members.

 

Benefits for taking out Group Cover include:

  • Automatic acceptance limits which can cover members up to a pre-determined level without evidence of health.
  • Tailor options to suit your needs.
  • Insured members can receive monthly benefits to replace lost income whilst they are totally disabled.
  • Continuous reviews, so that benefits are based on the member’s current salary at the time of claim.
  • Members can remain covered while on leave of absence or parental leave.
  • Cover is available for members seconded overseas.
  • Continuation and replacement cover options for members leaving the plan.

 

Did you know?

If you have a young family, Rice Warner Actuaries recommend insurance 10-13 times your annual pre-tax income
(Analysis of Insurance Needs – Rice Warner Actuaries, May 2005).

 

 

1300 78 55 77