Taking care of your employees, and their families, is one of the greatest benefits you can offer as an employer. That’s why MLC Group Insurance has options for businesses in need of tailored life insurance solutions both inside and outside of super.
What is Group Insurance?
Group Insurance helps to protect your employees’ financial needs at times of illness, injury and death, by offering generally lower cost premium rates than individual insurance rates. Being able to offer life insurance to your employees is a benefit that helps businesses attract and retain valued employees. MLC Life Insurance provides flexible and competitive insurance policies which can be tailored to meet your needs. Our policies cover:
Death (Life Cover)
This policy provides your employee’s family with a one-off payment if your employee dies.
Total and Permanent Disability (TPD) insurance
Provides a one-off payment if your employee is unable to ever return to work due to illness or injury (available only in conjunction with Death cover).
Salary Continuance insurance (Income Protection)
Replaces up to 75% of your employees’ pre-disability salary if they are unable to work due to sickness or injury. There is also an option to insure an additional amount of up to 15% of the employee's pre-disability salary to cover superannuation contributions. This superannuation contribution benefit must be paid to the employee’s superannuation fund.
Life insurance options for your employees
Through an MLC Group Insurance policy you can cover all your employees, or a group of employees decided by you, for:
- Life Cover
- Life and Total and Permanent Disability insurance
- Income Protection cover through MLC Group Salary Continuance insurance
- Critical Illness insurance.
Why consider Group Insurance?
- Providing Group Insurance as an employee benefit helps businesses attract and retain valued employees.
It is easily accessible, flexible and offers automatic levels of cover (automatic acceptance limits can be provided without the need to provide medical or health
- Group Insurance generally offers lower cost premium rates than individual insurance rates as the benefits and premiums are defined for the group covered by the policy rather than the individual.
MLC Group Insurance is available both inside and outside of super. To be eligible, your business must have at least 50 insured employees (or 100 insured employees for long term Income Protection) and the minimum premium will be $20,000 per annum.