Group Insurance Schemes

Group Insurance Schemes from New Vision Financial Services Limited

By: New Vision Financial Services Limited  08-Jun-2011
Keywords: Insurance, Life Insurance, Business Insurance

Financing for a group insurance policy is commonly a flexible payroll deduction, although some companies will absorb the entire cost of the policy as a benefit for employees. As with many insurance policies, however, the cost of premiums can rise significantly without warning. If a few participants receive expensive treatments for serious medical conditions, the rest of the group may have to absorb the higher premium costs over time. Group insurers don't always require physical exams before issuing a master policy, so some participants may benefit from treatments for pre-existing conditions.


We have access to several types of group schemes.  There are many benefits for the employer and employee in this area.


·         Reduces absenteeism

·         Speeds up recovery and return to work

·         Aids staff recruitment & retention

·         Enables treatment to be scheduled to suit the employee and the  business

·         Company seen as a good employer

·         Reduces the business risk associated with non availability of key staff

·         Enables employers to be more competitive in a tight recruitment market

·         Increased employee loyalty and lowers turnover

·         Immediate access by employee to elective treatment

·         Reduces stress and anxiety in the workplace

·         Improves morale and productivity

·         Health insurance is valued more than the cash equivalent

·         Employees their partners and children gain access to healthcare benefits they would not get as individuals

·         There is an industry trend back to offering employee benefits


Here is an example of a couple of basic scheme’s (there are many more) which are cost effective and provide basic levels of protection:

 

Workplace business protection plan

 

Suitable for 10+ employees... This covers $50,000 of life insurance, maximum of $2,000 per month of income protection and $10,000 one-off lump sum trauma protection.  This is a neat package that can help families face loss of income.  Whilst this might be light in the levels of cover, we can then help them out individually past that point (individual pays).

 

Group Medical Insurance

 

Group scheme’s are fantastic for 25 staff members and above due to being able to include pre-existing conditions in the mix.  Numbers under this will require individual consideration for existing conditions.  All schemes will be discounted though and we can also include family members at the discounted rate, so we can get cost effective cover for the staff.  You can subsidise the staff members cover and they can pay for the additional family member themselves.

Keywords: Business Insurance, Health Insurance, Insurance, Life Insurance, Medical Insurance, Trauma Insurance

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