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Employee Insurance

Talk to an Adviser about Employee Insurance. They can:

Find the best products for your budget and needs

Provide customised advice and keep your insurance up-to-date

Be impartial, as they are not Asteron Life employees

What is Employee Insurance?

Employee Insurance allows you to buy life and disability cover ‘in bulk’ for your employees – usually with no underwriting and at a much lower cost than similar policies sold individually. Working with an adviser you can develop a package to suit your team, business and budget.

Most businesses use Employee Insurance to:

  • Boost remuneration packages – helping to attract and retain top employees.
  • Help employees access insurance cover that they might not be able to afford.
  • Provide financial support when it’s needed most - at times of serious illness, injury or death.

Employee Insurance can include

Life Cover

This provides a lump sum of money to the family if an employee dies or becomes terminally ill. A funeral advancement payment of up to $15,000 means a portion of cover can be paid out quickly to help with immediate costs.

Trauma Cover

Your employee will receive a lump sum if they experience one of the 45 medical conditions or surgical procedures covered by the policy, this includes many types of cancer, heart attack and stroke.

Total and Permanent Disablement Cover (TPD)

If your employee is totally and permanently disabled they will receive a lump sum of money with TPD cover. This can help with modifications to their home, to pay for family to be closer or for additional help. There are a range of TPD options to choose from too.

Income Protection

If sickness or injury restricts your employee from working, Income Protection will provide a monthly benefit. There are two options to choose from - loss of earnings or indemnity cover. Both include rehabilitation and retraining and a wide range of support benefits to help people get back to full health and work quickly.

If you have an existing policy with Asteron Life, your policy may be different from our current on-sale products, so it’s a good idea to check things with your adviser.

There are terms and conditions that apply within Employee Insurance. Don't worry though, your adviser can take you through these and what they mean.

To put an Employee Insurance Plan in place you’ll need:
  • 10 or more employees
  • A genuine employer/employee relationship
  • Clear eligibility rules
  • 100% of eligible employees covered
  • Premiums to be paid by employer
Other types of cover

We understand that losing a key employee for a period of time due to sickness or illness can take its toll on the business. Business Disability Insurance can provide a monthly cash injection – this could be used to hire additional help or perhaps supplement some of your lost business revenue.

Simon Evan’s had always insisted that Multiple Sclerosis was never going to define him. Thanks to his Income Protection Cover with Asteron Life it never has.

Ready to speak to an adviser?

If you would like to know more about Employee Insurance we can put you in touch with an adviser who can explain the different options available.

Speak to an Adviser

Or email us about Employee Insurance packages

Frequently asked questions

How much will Employee Insurance cost?

As each plan differs it’s difficult to specify a standard cost. As a general rule of thumb, the cost of an Employee Insurance plan is usually around 1% of your total salary cost.

How much information to do I need to provide to get a quote?

You’ll need to provide your adviser a simple list showing employees’

  • Date of birth
  • Gender
  • Salary
  • Occupation

We don’t need the names of your employees at this quote stage.

Your adviser will help you with what cover types and benefit design options you need.

What happens if an employee needs to claim?

All claims are processed by the Asteron Life claims team – there are specific claims forms for Employee Insurance claims. In most instances benefits are paid directly to the employee, however some employers request to be paid so they can pay the benefit to the family themselves.

What happens if the employee leaves the company?

Our continuation benefit gives employees the option to keep their insurance cover in place with a personal policy. The good news is they don’t need to undertake any further medical underwriting.