Just as you insure your car or your home, insuring yourself can provide peace of mind for when you are unable to work. Life, Total and Permanent Disability (TPD), and Income Protection insurance can help individuals and their families manage the financial impact of unforeseen life events.
For Australians in the mining industry, obtaining individual insurance coverage can be particularly challenging. Those working underground, handling large machinery such as dump trucks and boggers, dealing with explosives, or working remotely via Fly-in Fly-Out (FIFO) and light planes potentially impossible to secure coverage and if coverage is available, it often comes with high premiums or specific exclusions.
Additionally, with changes in legislation in the last five years, if individuals look for cover under their superannuation plan it may result in minimal or no cover.
As such, many employers are increasingly seeing the benefit of providing insurance for employees under a group policy. As an employer, offering insurance can be a useful component in building your attraction and retention strategy. In fact, since many larger resource companies provide it, having it is nearly essential to remain competitive.
With group plans, many employees have an automatic level of cover in place, meaning most employees do not need to undergo medicals and / or receive exclusions from health and family history. It also provides cover that provides protection 24 hours a day, seven days a week, anywhere in the world — even while they are on leave.
How Gallagher can help
Many employers find it especially beneficial to partner with an expert, as they can help structure a group plan so that it can encompass return-to-work initiatives, retraining programs, integrated health and wellbeing programs, rewards schemes and educational programs to ensure comprehensive understanding of the offerings.
Whether you need to review your existing insurance arrangements or establish a new policy, our team is here to help.
