Group Life Insurance

What is group life insurance?

Group life insurance is life cover for the employees of a business, often offered as part of an employee benefits package. 

Group life insurance can be rewarding for both employer and employee. It helps businesses retain top performers and enhances a reputation for providing pastoral care.

Employees benefit from the security of having affordable life cover, which provides a lump sum if they pass away or become terminally ill.

Why offer employee life insurance? 

Offering life insurance to your employees means great positives for both your business and your staff. Here's why:

Advantages for businesses

• Attract top talent: Group life insurance adds to your employee benefits package, attracting quality job applicants in a competitive market.
• Employee retention: Providing life insurance fosters employee satisfaction, loyalty, and good morale, reducing staff turnover.
• Cost savings: Group policies are typically more affordable than individual ones, spreading the risk across the group and lowering overall costs.
• Enhanced reputation: Offering comprehensive employee benefits like group life insurance boosts your company's reputation as a responsible and caring employer.
• Employer-determined cover amount: Employers can choose the cover amount based on factors like salary or job role in alignment with their compensation strategy.
• Customisable cover: Employers can tailor the level of life cover for different employee groups and package it with other covers such as total and permanent disability (TPD), income protection, and trauma cover.

Advantages for employees

• Financial protection for families: Employees’ families receive a lump sum payout upon the death or terminal illness diagnosis of their loved one. This payment can help cover funeral expenses, mortgage or rent payments, education, daily living expenses, and utilities.
• Life insurance cover that’s discounted or fully subsidised: Offers a cost-effective form of financial security.
• Voluntary additional cover: Many policies allow employees to customise their protection by purchasing extra cover at competitive rates.

Features and benefits of group life policies for employees

Group life insurance provides valuable features and benefits. Here’s what could be on offer for your team:

• Life cover benefit: Pays out a lump sum upon an employee’s death, helping their beneficiaries meet financial obligations despite losing an income earner.
• Advance payment for terminal illness: Some plans pay the life cover in advance if an employee is diagnosed with a terminal illness and given less than 12 months to live, providing financial support when most needed.
• Funeral advancement: Some insurers will immediately advance a portion of the life cover upon the employee’s death, so family members can use it for funeral and other immediate expenses.
• Continuation of life cover: Some plans allow employees to continue their life cover even after leaving the company, ensuring ongoing protection without interruption.
• Automatic acceptance: Employees are usually enrolled with no stand down or medical exams, making cover accessible to everyone, regardless of health status.
• Add-ons: Some plans also allow employees the option to include add-ons like extending cover to their family members.

How to get a free group life cover quote

To receive a customised group life cover package and quote for your business, simply provide the following details of your employees:

• Name (optional)
• Date of birth
• Gender
• Salary
• Occupation

With just this basic information, Policywise can supply a free, no-obligation quote tailored to your needs. It’s a quick and easy way to explore the best insurance options for your business and employees.

Why choose Policywise as your group life insurance broker?

The right broker can help you find the best value life cover for your business and employees. Policywise stands out as a trusted partner for businesses across New Zealand, offering expertise, personalised service, and a commitment to finding the best employee insurance solutions.

• Access to multiple insurers: Rather than limiting yourself to quotes from a single insurer, Policywise gives you access to a range of options from multiple insurers.
• You can compare different plans, benefits, and costs all in one place, ensuring the best possible cover at the most competitive price.
• Time-saving and hassle-free: Navigating the insurance market can be overwhelming. By working with Policywise, you’ll save time and avoid the hassle because we do the legwork for you, presenting a curated selection of options that meet your needs.
• Licensed and trusted: Policywise is fully licensed by the Financial Markets Authority (FMA), giving you peace of mind that you’re working with a reputable and trustworthy broker. Our transparent approach and commitment to ethical practices mean you can rely on us to act in your best interests.