Integrity Life has launched what it says is the only group and income life insurance product for businesses with as few as five employees.
Known as ‘Five+‘, the new package is unique in the Australian market, according to the insurer, offering combined income and life insurance in the one product to SME businesses with between five and 50 employees.
In its launch release, Integrity Life notes this is also the first group product of this type that offers an income benefit to the employer as well as the employee and that can be purchased and maintained online. Other key features, according to the insurer, include:
- No minimum premium
- Instant quotation and straight through application process
- New event cover resulting in no health questions to ask when buying the product
- Instant acceptance of the application after submission
- Death and terminal illness benefit of $200,000 and Group Salary Continuance (100% of salary, 80% to employee, 20% to employer).
- A compelling price point, usually between 1% and 2% of salary
Integrity MD Chris Powell said the new offer, which is effective this week, is very much an off-the-shelf solution that is easy for business owners to understand, purchase and administer:
“SMEs and start-ups report challenges in attracting and retaining talent as they generally can’t offer the same perks and benefits that their larger competitors do. This new product will help employers create a compelling offer to lure the talent they need to grow their business on a cost effective and affordable basis.”
According to Integrity, group insurance has historically been unavailable to SMEs with less than 20 staff because of the traditional high cost structures of insurers. The insurer says it has been able to solve this challenge using a simple product design, unique administration structures and processes, and a new technology platform.
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