Employee Insurance Series - Pt. 2
The flow on effects of insurance can be powerful. Earlier, we talked about what Employee Insurance is and why businesses across New Zealand are offering it to their employees.
Now, we will look at the types of insurance you can offer to your team and how it can help.
What Types of Insurance Can You Offer?
Research has identified that employees value Health insurance as the most important benefit they receive from their employer . Health Insurance helps to cover the cost of your employees’ medical and surgical expenses. It can give them: faster access to treatment by avoiding public hospital waiting lists, less financial stress by reducing their medical costs and time off work and more choice over when and where they receive treatment for qualifying medical conditions.
Life insurance is commonly arranged to provide a lump sum payment to an employee’s family in the event of their death. This type of insurance helps employees plan for their families’ financial future giving them the peace of mind that their families will be taken care of if they pass away.
Total and Permanent Disability (TPD)
Total and Permanent Disability insurance will pay your employees a lump-sum payment if they suffer an illness or injury that results in them being totally and permanently unable to work.
Giving your employees’ access to Trauma insurance helps financially protect them if they are diagnosed with or are suffering from a critical illness. This policy will pay your employees a lump-sum payment on diagnosis of a defined critical illness. The money can be used however wanted: from funding treatment not immediately available in the Public sector and paying for medications not funded by Pharmac, to helping cover the cost of a support person.
When your employees suffer a health setback that prevents them from working, home loans, household bills, rent and general living expenses still have to be met. Income Protection insurance can help ease these financial pressures by providing your employee with a monthly income while they are off work. Without the added financial stress your employee is likely to get back to full health and work quicker.
1. Dr. Andrew Chamberlain and Gloria Tian, How 50+ Benefits Correlate with Employee Satisfaction, June 2016.