Insurance supports health and wellbeing With employee wellbeing being a heightened focus for employers at the moment, take a moment to consider how financial wellbeing plays a key role, alongside both mental and physical health, as part of everyone’s general wellbeing. However, the cost can be a barrier for many people, with only 35% of Australians aged 1869 having a life insurance policy and only 15% having disability/income protection insurance/critical illness cover. There is undoubtedly a large number of working Australians who are not fully protected, should such a major life event occur. What options do I have to support my employees?
A significant injury or longterm illness for most employees could dramatically impact their overall wellbeing through the financial stress often associated with such a lifechanging event. Any extended period out of work means salaries will likely cease after sick and annual leave have been utilized, (if the employee accumulates these as a permanent employee).
In the case of members’ onhired workers though, they may well have built-in salary loadings to account for such leave benefits, and their salary could stop immediately following a major injury or illness. There are of course many insurance options for individuals to consider, with life/disability/trauma and income protection being the most comprehensive options but therefore most expensive.
Business owners and leaders can support their employees in a number of ways to offer financial support and there is a cascading range of insurance products, with corresponding levels of cover and price points to consider. From the highest to the lowest, these include the following: Group life and income protection - generally will include death, disability, and critical illness lump sum payments as well as income replacement up until retirement age
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