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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
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
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.
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.
Resources and forms
Employee Insurance Life Claim form
Early Payment of Life Cover form
Personal Accident & Major Burns form
Employee Insurance Total Permanent Disablement Claim form
Employee Insurance Trauma Claim form
Employee Insurance Specific Injury Claim form
Employee Insurance Income Protection Claim form
Employee Insurance Kids Cover Claim form
Already a customer?
