What is group insurance?

Group insurance is a great way for an employer to show that they care about their team members. A group insurance plan can offer the same level of cover to a group of people regardless of their age, gender or socioeconomic status.  Having this type of policy as part of your employees benefits package can help with attracting employees, staff loyalty and retention, as well as being a way to reward your staff for their hard work.

There are different types of group insurance policies available, these are:

Life insurance – A cash, lump sum is paid to the family if a member passes away.

Income protection – Provides regular payments if a member is unable to work due to sickness or disability.

Trauma cover – A cash, lump sum is paid to a member if they suffer a critical illness or disability.

Health Insurance – Covers the cost of private medical treatments for members.

What’s covered?

A group insurance policy usually has the following features:

  • Level of cover is the same for all group members regardless of their health status. As the risk is spread over a large number of people competitive premium rates can usually be offered.
  • All group members are covered under the same plan – whether it be life insurance, income protection, trauma cover or health insurance.
  • A group can be defined as an employer and employees or members of a cultural society where the group owner or administrator purchases the policy.
  • A group member is covered as long as they are part of the group – when  they leave, the cover ends.
  • Cover can be continued whilst employees are on parental leave as long as premiums are paid.
  • Cover can continue when employees are on holiday overseas.

What are the requirements to get group insurance?

  • All members (employees) must work more than 15 hours per week.
  • The company must have more than 10 employees.
  • The occupation must be disclosed, as some hazardous occupations could have limited or no cover available.

Lifestyle solutions offer a complimentary review of circumstances so that you can find out if a an insurance policy is a good choice for your business. If you’d like to discuss options for group insurance to suit the needs of you and your employees, or review your current policy please contact us for quality, customised lifestyle solutions.  


Our Satisfied Clients Are Saying...

  • Richard has been my risk management insurance broker for 5 years now. He is so approachable and helpful with any of my questions about insurance or claims. Nothing has ever been a problem and all claims are dealt with quickly and so easily. Richard specialises in working out the very best insurance for my lifestyle situation. I would highly recommend Richard to anyone who needs to get cover or update their insurances.

    Maria P.
  • We first opened our door to Richard some 8 years ago now. We found Richard to be genuine, straight to the point but not over bearing nor abrupt. We were looking at changing up our insurances to find something that suited our family and finances better. Richard put us straight on the right path. We find him reliable, honest and easy to chat with. Richard has also given us fantastic financial advice which has helped us save for the future. We have recommended his business to our friends before and will do again happily in the future.

    Dyson and Karina P.