Some frequently asked questions answered

FAQ

You get outstanding insurance cover for your employees, which your business buys “in bulk” – usually with no underwriting and at a cost much lower than equivalent cover currently offered for individual policies.

To put an Employee plan in place, you only need a few things:
  • 10 or more employees
  • A genuine employer/employee relationship
  • Clear eligibility rules
  • 100% of eligible employees covered
  • Premiums paid by the employer
Each employee Insurance plan and cover type will have its own AAL which means employees are automatically covered up to specified limits – usually without the need to undergo medical exams or provide a medical history. 

Generally the bigger the pool of employees in a plan, the higher the AAL.

Your adviser will step you through exactly what is required. To create an accurate quote, we would need a simple list showing employees’ DOB, gender, salary, and occupation.

At this stage we do not need the names of employees.

You will also need to supply your company name and who you want covered (ie All full time staff etc), together with the cover types and benefit basis required (ie: Life cover, 2 x salary, Income Protection cover, Loss of earnings 75% of salary, 2 year benefit, 90 day wait).

All claims are assessed as speedily as possible. There are specific Employee Insurance claim forms

Insurance cover is a great way to show you care about your employees – to show how you would react if one of your employees was off work due to illness and/or how might you support an employee (or their family) while they are off work?

Employee insurance is a real answer to these questions – and a great way to attract, retain, reward and care for your staff too.

Underwriting is only required for the amount of any cover above the plan’s automatically Acceptance Limit (AAL) and in the rare instance an employee wishes to join your Employee Insurance plan outside of the normal eligibility criteria.
As each plan has its own rates it’s difficult to specify a standard cost – however the rates will generally be less than paying for individual policies.

As a general rule of thumb, the cost of an Employee Insurance plan is usually around 1% of your total salary cost, which represents excellent value.

Generally no. Each year there will be a snapshot review to keep the administration simple and to keep the related costs down. 

This usually means:

  • Updating your plan with new employees (or employees who have left) and any changes in salary
  • Calculating new premiums if there are any changes
  • Employees who leave the plan have the opportunity to take up a continuation option with 60 days of leaving
Cover types also include – Life Cover, Total & Permanent Disablement cover, Trauma Cover, and Income Production Cover

TALK TO CAROLINE LIANG TODAY ABOUT SECURING AFFORDABLE GROUP BUSINESS INSURANCE THAT BENEFITS, YOU, YOUR STAFF AND YOUR COMPANY’S SECURITY

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UNIT 7, 71 JELLICOE ROAD, PANMURE, AUCKLAND

Telephone
+64 27 543 7888
E-mail
support@assureme.co.nz

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