Group Policies

Being part of a team makes your business stronger.

What are Group Policies?

Group insurance policies allow employers to offer valuable benefits to their team covering life, health, income protection, and total permanent disability insurance, or a mix of these.

Attracting and retaining great staff is no small feat, and group cover is a meaningful way to show you value your people. Whether the business covers the full premium, contributes a portion, or simply makes the discounted rates available, the result is the same: employees gain access to valuable protection, often at a lower cost. It's a win–win that can boost loyalty and morale across your team.

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Do I need to offer all insurance types and to everyone?

Not at all! It’s completely up to each business. Some choose to offer just one type of cover, like medical insurance, while others combine multiple options for a more comprehensive package.

In some cases, the benefit is reserved for senior leadership; in others, it’s offered to all employees. There’s plenty of flexibility to create a setup that suits your team and goals.

Do employees need to be underwritten?

This varies by insurer, as each scheme is different. Some may offer automatic acceptance if enough employees are enrolled, while others require individual applications, with acceptance based on each person’s circumstances.

Your advisor can guide you through the options and help set up the best approach for your team.

What happens if an employee leaves the business?

This depends on the specific policy terms, but most group policies include a continuation option. This means that when an employee leaves, they can choose to take over their portion of the cover as an individual policy provided they act within a set timeframe, typically 30 days.

Do Group Policies include the immediate family of employees?

Once again, this is completely up to the business. Some employers choose to include family members in the cover and pay the associated costs, while others offer the option but leave it to employees to cover the premiums if they wish to extend the policy to their loved ones.