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What is Group Insurance? Complete Guide for Australian Employers

Protect, attract, and retain your staff with leading employee benefits

Employees are the lifeblood of every business. Taking care of them means taking care of your clients and ensuring the longevity of your business.

Group life insurance, group salary continuance, and group total and permanent disability insurance policies can help employers attract and retain talent.

Learn why most Australian employers are including a comprehensive group insurance in their employment package and how it impacts their businesses.

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    What is Group Insurance

    A group insurance policy is typically part of an employment package. It provides coverage to a specified group of people, such as employees, company directors, superannuation fund members, or association members.

    For participating members, it offers standard financial protection and security in the event of death, disability, or severe illness. Members can have peace of mind knowing they have financial security for their families.

    Working with an expert group insurance advisor, such as Curo Financial Services, can help you find the most suitable option for your employees.

    Benefits of Group Insurance for Superannuation Fund Members

    Several super funds have default group insurance options for their members. This provides members with access to cover where they generally do not have to undertake any form of underwriting. It is important to note that companies can also establish their own group superannuation insurance policies, which is something we can assist you with.

    Benefits of Group Insurance for Employees

    Group life insurance for employees generally offers coverage in the event of death, disability, or severe illness to its participating members. Most commonly, group insurance plans cover Life, Total and Permanent Disability, and Salary Continuance/Income Protection.

    This can be particularly beneficial for employees who are experiencing difficulty in applying for individual cover, as they may take advantage of limited or no underwriting.

    Benefits of Group Insurance for Association Members

    Association members can take advantage of paying lower premiums to get coverage rather than getting individual coverage.

    Types of Group Insurance

    In Australia, several types of group insurance policies are available to employers to provide specific coverage to their needs. Understanding the differences of each type is important to determine the suitable cover for your employees. These types include:

    Group Life Insurance

    • Group life insurance typically provides the participating employees with a lump sum benefit in the event of death or diagnosis of terminal illness. This offers an additional financial protection to your employee’s family.

    Group Income Protection and Salary Continuance Insurance

    • Group income protection insurance and group salary continuance insurance can generally replace up to 70% of your employees’ pre-disability income. The policy pays monthly benefits when your employee becomes temporarily unable to work due to illness or injury.

    Group Total & Permanent Disability Insurance

    • This coverage often also pays a lump sum benefit to the employees when they become unable to work due to permanent disability. Most group TPD insurance policies include an “Any Occupation” disability definition. This would require the employee’s condition to be such that they are unable to work in an occupation that is reasonably related to their education, training, or experience – to be able to process  TPD insurance claims.

    Find out more about Group Income Protection by talking to an expert!

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    Group Insurance Eligibility Criteria

    The right group insurance coverage can increase your employees’ motivation and further boost their loyalty to the company. However, finding the right plan requires expertise and negotiation with the insurer.

    An expert group insurance advisor can help you assess your company’s eligibility and explore your options. Below are the common group insurance eligibility criteria:

    • Some insurers accept groups as small as 10 members, while others require a minimum of 100.
    • The policy often covers full-time, part-time, and casual staff.
    • Participating members must be actively working at the time the policy starts.
    • A registered business entity.
    • The employer’s size and industry can impact the group insurance’s term and coverage.

    It is important to understand that eligibility requirements vary from insurer to insurer. Working with a group insurance advisor will help you get a customised group cover for your employees.

    Group Insurance vs Individual Insurance: Why Choose the Former?

    When you want your employees to have financial protection, group insurance can provide standard coverage to all members that is cost-effective for the company. Group insurance also has automatic coverage without the need for medical underwriting.

    Unlike group insurance, individual insurance can be hard to administer, especially with a significant number of employees.

    Underwriting

    Insurance underwriting is a major distinction between group and individual insurance. This is a process that insurance providers use to determine whether to accept or decline a policy application.

    Most group insurance has “guaranteed issue”, which means eligible members will be automatically accepted. However, for individual insurance, the insured person will usually go through medical underwriting to assess the insurability of the individual.

    Employees who are not able to secure individual insurance may still get coverage through group insurance. Including group insurance in the employment package will help your employees with limited financial protection.

    Cost

    Due to the economies of scale, group insurance typically costs less than individual insurance. This is because the risks of the insurers are spread among the members. The premiums for group insurance are set by the employer based on its type of coverage and terms.

    While for individual insurance, the cost can vary depending on the insured’s age, health, gender, and work-related risks.

    Most employers favor group insurance because of its ease of approval, standard coverage, and cost efficiency. An expert group insurance advisor can help you explore your options and choose the premiums that work with the company’s budget.

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    Cherie Haig
    It has been my pleasure to deal with Brent and his team over the years I have been their client. All queries have been explained promptly, intricacies of policies and decisions I contemplated explained, and the level of service Brent has provided exceeds 5 stars.
    Jen W
    Brent from Curo Financial Services has exceeded our expectations and has been a pleasure to deal with. Brent is professional, trustworthy and provides excellent service that goes above and beyond. Brent is compassionate, kind, and caring. Brent has always had our best interest at heart and really takes the time to ensure you feel supported. Brent has made the process of dealing with insurance easy and has made it a positive experience. Brent is a pleasure to work with.
    Vicki Taylor
    Thank you Curo Financial Services for providing me with friendly, professional services, I am very grateful especially to Behram Ali. Would highly recommend their professional services.
    Mark Crimmins
    It is my absolute pleasure being able to write this glowing review about Brent and his team.
    Brent and I have known each other for many years with Brent advising me where needed on my income protection policy. Throughout that time Brent has been very thorough in keeping me updated with any changes within the industry and how that may affect my extremely important policy.
    Life takes some interesting twists and turns and it just so happens that I unfortunately needed to call on the benefits on my amazing policy.
    Brent was right there when you needed him the most, guiding me through the entire process and following through with everything he had advised me on in the past.
    I can’t thank Brent enough for being by my side offering genuine Compassion and knowledge when needed.
    Thanks for everything Brent. You are a true credit to yourself, the company and your family.
    Warmest regards
    Mark
    Herman Bothma
    Curo Financial Service have given me out standing customers service over the years. Brent have great knowledge to what product would be the best suited for my level of cover and great advice over the years.

    From the day I took out my life insurance cover and Income protection Brent was there to answer any questions I had and
    when I was diagnosed with pancreatic cancer years later Brent made the Claim process easy with good communication clarity with what’s information is needed a piece of mind in a uncertain time for me but not only where he professional through out the process he showed support empathy, kindness and a level of care that’s hard to find these days.

    I would Recommend Brent and Curo financial Services without any hesitation. I am sure they would look after you too!
    Paul Michael Jamieson
    We have been dealing with Brent from Curo Financial Services for a while now and have found them extremely helpful and always acted in our best intrest
    So I would have no hesitation to recommend them to anyone
    Paul
    Jocelyn Jamieson
    Have dealt with this firm for many years and always received fantastic service. Would highly recommend. Nothing is too much trouble for Brent. He goes out of his way to assist.
    Ari Mitchell
    I recently had the pleasure of working with Brent from Curo, and I cannot express enough how exceptional my experience was. From the moment I reached out for assistance, Brent demonstrated an unparalleled level of subject matter expertise and a dedication to providing outstanding customer service.

    Brent's knowledge and proficiency in their field were immediately apparent. They patiently listened to my concerns and questions, providing thorough and clear explanations that made even the most complex concepts easy to understand. What truly set Brent apart was their willingness to go above and beyond to ensure I had all the information I needed. Their expertise was not just impressive but invaluable.

    Additionally, the customer service I received from Brent was nothing short of outstanding. They were not only professional and efficient but also genuinely friendly and approachable. Brent took the time to address all my queries, no matter how big or small, and made me feel valued as a customer. Their patience and willingness to assist left a lasting impression on me.

    I am truly grateful to have had the opportunity to work with Brent at Curo. Their expertise and dedication to providing exceptional customer service are a testament to their commitment to excellence. I would highly recommend Brent to anyone seeking top-notch assistance and support. Thank you, Brent, for your outstanding service – you have definitely earned a loyal customer in me!
    Vivien Reed
    I found service received from Curo Financial Services professional and stress free.Communication was easy with regular updates. A positive outcome was achieved to an insurance claim. Highly recommended.
    Joey McCann

    Why Choose Curo Financial Services for your Group Insurance?

    Attracting and keeping employees involves several factors – a comprehensive group insurance is one of them.

    Our team at Curo Financial Services spent decades helping small to large businesses provide group coverage to their employees. Our industry experience, expertise, and strong relationship with insurers allowed us to get the best coverage for our clients and their employees.

    We take the guesswork out of the process and serve as your company’s point of contact between your employees and insurance provider. We can also help you in processing group life insurance claims. If you want to explore your options, contact us. Our expert advisor will be in touch with you.

    ​To see how you can offer your staff the ability to protect their lifestyle and loved ones, get in touch with us today!

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    General Advice Disclaimer

    General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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