Protect your most important asset, your staff, with income cover of up to 75% in case of illness or injury both within and outside of Australia.
If you're an employer looking for cost effective insurance that your staff can take advantage of, OnePath Group Salary Continuance may be the right one for you. It is a good option that you can consider when you want to provide an insurance package benefit for your employees that will give them income protection security of up to 75% of their regular monthly income. Additionally, in the event that you need to modify your place of business to accommodate the requirements of an injury, or wish to provide employees with the option of participating in a return-to-work program, this policy will pay for the subsequent costs, allowing you to spare no expense in helping them on the road to recovery.
The advantages of Group Salary Continuance policies are numerous for both employer and employee. Staff can gain access to a solid income protection plan without extensive medical tests while incurring reduced wholesale premium rates, and employers are able to use the policy benefits to add value to remuneration packages when hiring, allowing them to maintain a competitive edge in an already hyper-competitive job market. There are many other benefits that this type of policy can deliver to both business owners and workers alike which you can read about by following the link to the Group Salary Continuance Insurance Guide below.
Whats covered under this policy?
OnePath Group Salary Continuance provides the following protections to insured members:
- Total and Permanent Disability (TPD) Benefit: In the event an insured member is permanently disabled by an illness or injury and unable to work, OnePath Group Salary Continuance will pays a monthly benefit to replace up to 75% of their income. The maximum monthly benefit payable is $30,000.
- Partial Disability Benefit: If an insured member is totally disabled during the waiting period, or suffers from continuous disability after the waiting period which reduces their capacity to work, the Partial Disability Benefit will cover their income lost as a consequence of this.
- Death Benefit: A lump sum of up to three times an insured members monthly benefit is paid if they die while receiving a Disability Benefit.
- Specific Injury Benefit: Pays a monthly benefit if an insured member suffers a specific injury within 180 days of the event which caused it. These injuries include paralysis, loss of feet or hands, blindness and fractures.
- Recurring Disablement Benefit: If an insured member suffers a relapse or recurrence of the same injury or illness within 6 months of receiving a Disability Benefit, they will not have to re-serve a waiting period and payments will continue until the end of their benefit period.
- Early Notification Incentive Benefit: Upon being affected by an event that gives them cause to claim, if insured members notify OnePath within 30 days of the event they will be paid an amount equal to 25% of their first month’s Disability Benefit.
- Emergency Domestic Travel Benefit: This benefit provides cover if insured members require emergency transport to a hospital within Australia while receiving a Disability Benefit.
- Return-to-Work Assistance: This covers some or all of the expenses an insured member may incur when participating in a return-to-work program.
- Workplace Modification Assistance: This benefit covers the expenses that may be incurred by an employer to modify the workplace to allow an insured member to return to work.
- Premium Waiver: OnePath Group Salary Continuance premiums will not have to be paid while insured members are on a claim.
- Guaranteed Continuous Cover: This policy is renewed each year providing the required premiums are paid, regardless of changes to the number, health or circumstances of insured members.
Any optional benefits to consider?
OnePath offers a range of extra cover options that can be added to the Group Salary Continuance policy:
- Superannuation Contribution Benefit: This extra-cost option allows an additional portion of insured members’ salaries to be covered in the form of a superannuation contribution.
- Enhanced Bereavement Benefit: If an insured member dies or is diagnosed terminally ill, a lump sum three times the insured member's monthly benefit is payable up to a cap of $60,000.
- Alternative Benefit Expiry Age: Allows flexible age-based terms such as “to age 67” or “to age 70” to be used.
- Escalation Benefit: Selecting this option allows an insured member’s monthly benefit amount to increase each year when a claim is being paid. The benefit amount will increase by the lesser of the annual CPI increase and the escalation factor.
- Nurse Care Benefit: This option ensures that an additional amount is paid while an insured member is confined to bed and receiving full-time nursing care during the policy’s waiting period.
- Recovery Assistance Benefit: If an insured member becomes totally and permanently disabled within 12 months of qualifying for a Total Disability Benefit, an additional lump sum will be paid.
- Early Cash Benefit: This option pays the insured member’s monthly benefit for up to 6 months when they suffer an Early Cash Benefit event which include cancer, chronic kidney failure, coronary artery bypass surgery, heart attack, heart valve surgery, stroke, major organ transplant and severe burns.
- Trauma Recovery Benefit: This option pays the insured member’s monthly benefit for up to 6 months when they suffer a trauma recovery event. There are more than 42 eligible trauma recovery events, including Alzheimer’s disease, coma, cancer, dementia, severe burns and muscular dystrophy.
- Immediate Family Member Benefit: If the insured member is receiving a Total Disability Benefit, is confined to bed and needs care from an immediate family member, the policy pays an additional monthly amount of up to $3,000 for up to 3 months.
- Relocation Benefit: OnePath will cover the cost of a standard economy airfare if the insured member returns to Australia while totally or partially disabled.
This type of insurance can be confusing, that's why this handy guide is available to tell you everything you need to know about these policies.
- Group Salary Continuance Insurance Guide
How are claims processed?
If an insured member has a reason to claim under this policy, OnePath should be notified within 30 days, or as soon as reasonably possible. In the event of:
- Disability to an insured member they are able to make a claim themselves.
- The death of an insured member their employer or the member's legal representative will be required to make the claim.
Upon receiving notification OnePath will send out claim forms to the relevant parties who then need to:
- Complete the claim forms and prepare any other required documentation to support the claim such as proof-of-age, medical reports and death certificates.
- Send the completed claim form plus any of the ancillary documents back to OnePath within 30 days or as soon as reasonably possible.
What are the waiting and benefit periods?
- Waiting periods: Time frames of 30, 60, 90, 180 and 365 days are available.
- Benefit periods: These can be set to a time frame of one year, two years or five years, or if the Alternative Benefit Expiry Age option has been selected by age 65, 67 or 70.
Whose eligible for this type of insurance policy?
In order to qualify for OnePath Group Salary Continuance, the insured member will need to be:
- Between 15 and 64 years of age when they apply for cover.
- Be a member of a complying superannuation fund, an employee of a complying employer, or a partner in a partnership.
- Be an Australian resident or visa holder.
- Be residing in Australia.
- Be employed and working at least 15 hours per week on a permanent basis.
- Be working in an occupation that is not excluded from cover.
- Satisfy the eligibility rules chosen by the superannuation fund or employer.
Are there any exclusions to be aware of?
Claims submitted under OnePath Group Salary Continuance will not be paid if the event giving rise to the insured member's claim is a result of:
- War, or an act of war, in Australia, New Zealand or in their country of residence.
- If they die due to a combat related cause while serving as an enlisted member of the army, navy or airforce.
- If their death is due to an intentional self-inflicted act.
- Pregnancy, unless they are disabled for more than 3 months after the end of the pregnancy.
The insurer may also reduce or refuse to pay benefits:
- If they are imprisoned or on remand in a rehabilitation facility.
- If they or their employer does not comply with the insurer’s claim requirements.
- If they or their employer does not provide notice to the insurer at the time their disability starts.