By providing a Group Life or Salary Continuance insurance policy to your employees, you are providing employees with valuable protection for themselves and their families. You will also be providing an invaluable benefit to your business protecting against unforeseen extended sick leave expenses.
With the right benefits program in place, businesses can offer employees (including owners) unrivalled security at a low cost to the business. A successful employee benefits program should help to achieve the following:
Premiums are usually less than you would expect. As a general rule of thumb, the premium should cost you less than 1% of your total payroll. Furthermore, some policies allow groups as small as ten people to join.
Group Salary Continuance is common in executive salary packaging arrangements and many companies are now providing the benefit for all staff. It is a great way of attracting and rewarding talent to your business.
Generally, the cost of providing this form of employee protection is tax deductible to the employer and no Fringe Benefits Tax is applicable.
For most employees, the likelihood of being off work due to a serious illness or injury is significantly greater than death. The average salary continuance claim lasts between 9 to 12 months whilst most families only have enough liquid funds to live for 3 weeks without payment of their regular income.
Please contact the following Account Managers directly for a referral to Planned Life for this product:
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