|
  Company SuperannuationSuperannuation Choice Management
Group InsurancesBusiness Succession
Group Insurances
AXIS Financial Group can help protect your company and your
employees from the financial worries of sickness and or accident. We
can arrange tailored group insurances for both small and large
businesses.
Tailoring the benefit formula for the Death and Total and Permanent
Disability cover for groups of employees is important. Many
employees do not understand that insurance within their employer’s
super fund is very beneficial. Rates are cheaper, premiums are
tax-free, it's easier on cash-flow and can generally be obtained with
little or no medical evidence.
What about Group Salary Continuance outside the employer’s
superannuation plan?
Approximately 90% of workers have no income protection, which means
in the event of an accident or sickness, most of us will have little
or no income at all.
Most people are familiar with the private sickness and accident
plans, commonly known as Income Protection or Disability Plans. When
these plans are offered through an employer based scheme they carry
the generic name - Group Salary Continuance (GSC) Plans.
A Typical Plan
A typical plan will provide employees with the following round the clock coverage:
An Income Benefit equal to 75% of their pre-disability salary package (indexed or non-indexed)
A Benefit Payment Period of either 2 years, 5 years, or often up to age 65.
A Qualifying Period of between 30, 60 or 90 days.
A range of "Ancillary Benefits" are also available:
Partial disability benefit
Rehabilitation benefit
Expense reimbursement benefits
Crisis benefits (ie: heart attack, stroke, cancer etc)
Bed confinement benefit
Family accommodation benefits
Relocation benefits etc
Determining Price
The main factors that determine price are:
age, sex, occupation, level of benefit, qualifying period,
benefit period and the number of employees in the plan.
As an employer, you determine the last four factors, giving you some
control over the price of the insurance package.
Managing Group Insurance
Although the recent budget changes have made superannuation easier
to understand and manage, the salary continuance benefits found in
superannuation plans are still limited. Many restrict maximum
benefits to a period
of 2 years.
In many cases, Group Insurance provides more advantages for
companies and employees. AXIS can help
you select the best Group Insurance scheme, protecting your business
and your employees from the costs
associated with accident or illness. Our tailored solutions provide
quality cover at preferential rates. We’ll also
make sure your insurance scheme is:
the best policy– we’ll compare what’s offered in the market against your criteria for maximum value, cover and
conditions.
easy and fair – benefits are managed by AXIS and the insurer, so you don’t have to make any difficult decisions.
Claims Management
AXIS has an excellent record in terms of assisting your employees
with insurance claims. In the last 12 months AXIS has been
successful with a total of 69 claims (100% approved), for a total of
$6.6 million in lump sum payments (Death and TPD, as well as
$117,000 in monthly income claims).
If you wish to have your company insurances reviewed, or tailor-made for your workforce,
an AXIS adviser will be able to carry out the analysis to determine the most appropriate
policies for your industry.
|
|
