Your employees are your company’s greatest asset but what happens when one of them suffers an injury or illness and are unable to work?

What about when they have exhausted their sick leave? Even more difficult is if the employee in question has given many years of faithful service or is a key person in the organisation. Can the company afford to continue to pay the employee as well as his or her replacement? This moral and financial dilemma is solved by having in place Salary Continuance Insurance.

In short, Salary Continuance Insurance:

• provides an income stream in the event that an employee is unable to work due to illness or injury until the employee returns to work or reaches age 65 (shorter benefit periods can be chosen).
• covers employees 24 hours a day, so includes events that may not be covered by workers compensation insurance.
• removes the moral and financial dilemma of whether to continue to pay disabled employees by allowing the employer to financially support loyal employees after sick leave benefits expire.
• offers very cost effective premiums, usually less than 1% of insured payroll. When you consider the fact that these premiums are tax deductible and do not usually attract Fringe Benefits Tax or GST, you can see why group salary continuance insurance is such a popular employee benefit with both employers and employees.

Protecting your employees against sickness and injury is:

• a strategy/benefit that assists in increasing productivity and ensuring the organisation’s competitiveness.
• an attractive employee benefit that will encourage persons to work with you.
• recognised by employers as being a cost effective method of planning and budgeting for their long-term sick leave commitments.
• tax deductible to the employer and no Fringe Benefits Tax is applicable.

Why Group Salary Continuance?

• The average salary continuance claim lasts between 9 to 12 months while most families have enough cash on hand to last only 3 weeks without a pay cheque.
• Used by companies as an “employee benefit” to protect their employees and their dependents. Can be used as part of Enterprise Bargaining Agreement negotiations.
• Available to companies with a minimum of 10 employees.