In today's competitive landscape, providing employees with a robust insurance program is not just a smart move, but a strategic and sustainable one. Surprisingly, despite almost half the Australian workforce recognising the importance of insurance, currently only 31% of employers offer it1 and for many industries, it can be a competitive edge for attracting and retaining employees. Additionally, in times of financial stress, the coverage provided can be a valuable benefit that acts as a crucial safety net for individuals that may not have considered it due to cost.

What is group insurance?

Group insurance is a policy covering a group of people, such as a group of employees. It can be paid for by the employer as part of the employee's income package, or partly paid by both the employer and the employee. Through economies of scale, group insurance can be a cost-effective and sustainable long-term solution for employers. There are typically two types of insurance cover available under a group insurance arrangement.

Salary continuance insurance (SCI)

SCI (also known as income protection) is a regular income benefit designed to provide replacement income (typically 75%) to employees in the event of a protracted sickness or injury which can be tailored to an employers' requirements.

Life / Total & Permanent Disability (TPD) cover

TPD cover provides lump sum benefits in the event of death, terminal illness diagnosis or total and permanent disablement should an employee be unable to work again within any area that they are reasonably qualified for.

How Gallagher can help

  • Comprehensive review of your existing insurance program
  • Structural advice and financial management of insurance programs (including fringe benefits tax)
  • Systemised governance program
  • Dedicated employee awareness and education program
  • Specialist claims support

Benefits of group insurance

Employers are increasingly adding a component of group insurance to their benefits program, recognising that it is a valuable addition for their employees and a driver for retaining talent.

Better for your employees

  • Covered 24 hours a day, 365 days a year — even when they're not working
  • Guaranteed income in the event of an accident or illness (after waiting period, typically 90 days)
  • Automatic cover, irrespective of medical history (provided they are "at work" the day the plan commences)
  • Rehabilitation support program to assist with return to work*
  • Cost-effective when compared to personal insurances

Better for your business

  • Position your organisation as an 'Employer of Choice' to help attract and retain employees
  • Group insurance rates are cost-effective due to economies of scale and premiums are typically tax deductible*
  • With one policy covering all employees, administration becomes streamlined and more manageable. Plus, any new permanent employees will automatically be insured
  • By owning the insurance policy, you retain control over the coverage and can make decisions that align with your company's objectives

* Not available on all policies

2024 Group Insurance Insights

Look at current group insurance market trends


The Gallagher difference

At Gallagher, we understand that finding the right insurance solution can be a challenge. With so many options available, it's important to have a partner who can make the complex simple and deliver the support you need. That's where we come in.

Whether you need to review your existing insurance arrangements or establish a new policy, our team is here to help.

Why choose Gallagher?

  • Comprehensive support for all your insurance arrangements
  • Local expertise, global strength
  • Group insurance specialists to get the most out of your insurance coverage
  • High-quality outcomes for claimants and sustainability of premiums for your organisation

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