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About Acenda Life
Business Cover
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. As the employer, you pay the premiums and your employees get the benefits.
Employee Insurance benefits
01
Life Cover
This provides a lump sum of money, paid out to the employee's family/nominated person, if an employee passes away 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.
02
Trauma Cover
A lump sum will be paid if your employee experiences one of the 48 medical conditions or surgical procedures covered by the policy, this includes many types of cancer, heart attack and stroke.
03
Total and Permanent Disablement Cover (TPD)
If your employee is totally and permanently disabled, we will pay 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.
04
Income Protection
If sickness or injury restricts your employee from working, Income Protection will provide them with 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.
05
Specific Injury Support Benefit
If an employee suffers any of the 25 specified injuries, ranging from broken bones to the loss of an eye, we will pay a lump sum with the Specific Injury Support benefit. This money can help your employee with extra expenses, family support, or medical costs that may arise from their injury.
06
Kids Cover
Being a parent or guardian of a sick child can be extremely stressful. Kids Cover supports employees by paying a lump sum of $5,000 if their child experiences one of the 49 medical conditions or surgical procedures covered by the policy. This way they can focus on their family duties without worrying about additional financial stresses.
Frequently asked questions
Employee Insurance costs
As a general rule of thumb, the cost of an Employee Insurance plan is usually around 1% of your total salary cost.
What you’ll need for a quote
You’ll need to provide your adviser with your 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.
How an employee can make a claim
All claims are processed by the Acenda Life claims team – there are specific claims forms for Employee Insurance claims. Please contact us if you need any assistance.
When employees leave the company
Our continuation benefit can give 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.
