Protecting your people with a Group Insurance Policy

Australia has one of the highest rates of staff turnover in the world, with around 6 out of 10 employees seeking new jobs in any given year.

Businesses make an enormous time and financial investment in finding and training their most important asset, their team. Once an employee has been recruited and trained, employers must find ways to develop work environments and offerings that help to retain them. This is particularly true for Australian businesses in the wake of the COVID-19 pandemic, which has seen significant shifts in employee attitudes towards work.

The onus is now squarely on employers to focus on enhancing employee satisfaction through cultivating supportive work cultures, allowing flexible working arrangements and offering staff benefits.

One key staff benefit yet to be explored by many Australian businesses is group insurance.

What is group insurance?

Group insurance is a policy that covers a group of people, such as employees of a business. It provides financial cover for policy members in the event that they pass away, become totally and permanently disabled (TPD), suffer a specific medial event or are unable to work due to sickness or injury.

Group insurance benefits

Group insurance benefits apply to employees and employers alike.

For employers, group insurance policies offer an additional benefit and financial incentive which can be offered to their people as part of an attractive employment package. Offering group insurance helps to position a business as an employer of choice in the open employment market – one that values employee wellbeing and morale and understands the importance of protecting their people. These non-tangible factors are things being considered strongly by potential employees when looking for a new role, and by current employees when considering their future career plans – it is no longer just about the salary.

For employees, group insurance policies offer a simple financial and convenience benefit, as they will not need to pay for insurance through their superannuation or other policy while employed by their organisation. Being covered by a group insurance policy provides security for employees, and protection and peace of mind for them and their family. For ageing employees, and those with existing medical conditions, a business-funded group insurance policy negates the need for them to complete the medical screening process usually required to take out an individual insurance policy.

Group insurance with Solace Financial

We know how valuable your time is, so you can take comfort in knowing we will handle the administrative burden of taking out and maintaining your group insurance policy, and make sure your people are always covered by the right policy in the right way for your business. When taking out a group insurance policy serviced by Solace Financial, your employees will also be able to access our complimentary financial advisory service to help them work towards their own financial goals.