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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

Group Insurance is a product that supports a strategy employers often use to demonstrate their commitment to their employees. It provides uniform coverage to a specified group of individuals, such as employees, company directors, or shareholders.

For participating members, it offers financial 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 Employees

For participating employees, Group Insurance provides you with:

Lump sum financial benefit in case of death or permanent disability
Income replacement in case of temporary disability
Financial security for loved ones
Obtain coverage with limited or no underwriting

Benefits of Group Insurance for Company Directors and Shareholders

Directors and shareholders hold crucial roles in every business. Having group cover can provide them with additional cover that may be inaccessible otherwise.

Benefits of Group Insurance for Association Members

Association groups may offer this to their members, allowing them to pay affordable premiums for coverage.

Benefits of Group Insurance for Employers and Business Owners

Offering Group Insurance as part of the employment package will get you these benefits:

Increased employee motivation and productivity
Higher employee retention rate
Attract top talent in the market
Improved overall brand image for the company
Tax benefits on premium payments

Types of Group Insurance

There are several types of group insurance policies available to employers to include in their employment package. Each type provides different coverage for your employees, and these are:

Group Life Insurance

Group life insurance generally pays a lump sum benefit to the member in the event of death or diagnosis of terminal illness.

Group Income Protection and Salary Continuance Insurance

Group income protection insurance and group salary continuance insurance typically pay up to 70% of the employee’s pre-disability income when the member suffers temporary disability.

Group Total & Permanent Disability (TPD) Insurance

Group TPD insurance typically pays a lump sum benefit to the member in the event of permanent disability from illness or injury and is unlikely to return to work.

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

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Group Insurance Eligibility Criteria

To get an idea of whether your company is eligible for Group Insurance, below are the common requirements that insurance providers typically look for.

A government-registered business entity
Must meet the minimum number of members (some insurers accept groups as small as 10 members, while others require a minimum of 100)
Members must share a common relationship (employees of the same company, or member of the same association, or fund)
Must agree to a set of standard premiums, policy coverage, and terms

It is important to understand that eligibility requirements vary among insurers. Consulting a group insurance adviser will help you get a customised group cover for your employees.

Group Insurance vs Individual Insurance: Why Choose the Former?

Group Insurance provides uniform coverage to a group of people that is easy to process and manage. It has automatic coverage for participating members without requiring them to undergo medical underwriting.

Unlike group insurance, individual insurance can be hard to administer, especially with a significant number of employees. With that said, group insurance is likely far more inflexible and restrictive than individual cover.

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

1 year ago

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

2 years ago

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

2 years ago

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

2 years ago

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

2 years ago

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

2 years ago

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

2 years ago

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

2 years ago

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

6 years ago

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

8 years ago

Why Choose Curo Financial Services for your Group Insurance?

Attracting and keeping talent is crucial for every organisation. Offering effective Group Insurance can help your company achieve this goal.

The Curo Financial Services team is a leading expert in insurance advice in Australia. 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. One of our expert advisers will be in touch with you.

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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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