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

See more about Advisers

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97% of claims accepted and $112m paid to customers from 1/7/23 - 31/6/24

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 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.

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.

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.

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.

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 payment 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.

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.

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.

This information is a general summary only and is not personalised to your situation. Full details of the policy terms and conditions are available from Asteron Life Limited or your financial adviser.

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.

Business Disability Insurance

Simon’s story

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

Read Simon’s story

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. Please contact us if you need any assistance.

What happens if the employee leaves 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.

For full terms and conditions, please refer to the policy document.