What is Group Life and Total and permanent disability insurance?
Our Group life and total and permanent disability (TPD) insurance packages together two specific types of insurance, Life insurance if an employee dies or is diagnosed with a terminal illness, and TPD in case of permanent disability. It’s a powerful way to show loyalty to your employees.
- Entry age with automatic acceptance is 16 – 65 for eligible employees.
- Your employee’s insurance ends at age 70 as long as you keep paying your premium ( we can extend this in some cases to 75).
- Employees may be able to continue their cover directly with us when they move to a new employer.
- You can pay monthly, quarterly, half-yearly or yearly.
- We recommend chatting to an adviser about the right insurance for you and your employees
More about Group Life and Total and permanent disability insurance.
- What is it?
- Why should you get it?
- What’s the deal?
What is it?
Group life and TPD cover is simple – and smart. It pays a lump sum to reduce the financial impact of death (and in some cases, terminal illness), while TPD pays a lump sum to help if an employee becomes totally and permanently disabled.
Why should you get it?
It’s a great way to support staff through the tough times and provides employees with a bit of certainty that their families (and finances!) can be supported in the event of death or earlier total and permanent disability. (Between us, it can also be a good way to show your commitment to being an employer of choice)
What’s the deal?
You pay an amount of money (called a ‘premium’) for a Group policy. The policy is a contract so you know exactly what we’ll pay out for. As long as you keep paying for your insurance with us, and the policy terms and conditions have been met, we’ll pay out for everything we agreed. We’ll also ask for updated employee details at a set annual date, and this will be used to calculate the premium and administer the policy each year.
Questions? Start here.
We’ve compiled a list of the most commonly asked questions about this cover.
An Automatic Acceptance Level (AAL) is a pre-approved level of cover, per product. Eligible employees cover can be automatically accepted up to this level without underwriting, provided they are under age 65. For example, if your benefit increases each year the cover will automatically increase up to the pre-approved limit. In most cases, we will not request any medical information or apply non-standard terms for cover up to this limit.
The definition of an eligible employee is chosen by the employer (although it needs to be approved by us). There are some restrictions though.
You select the benefit calculation, with our approval, this can be a multiple of salary or a fixed amount.
Employees can choose to continue their cover privately when they cease employment, they will need to:
- Be moving to new employment,
- be the maximum age or younger,
- complete and return the application form within 45 days,
- meet our occupation and residency requirements, and
- not be eligible for a claim under the group policy.
Why choose Fidelity Life.
* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit Fidelity Life's financial strength page.
Disclaimer – the information contained in this webpage is a summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.
Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy documents for specific details. This webpage does not provide a personalised financial advice service.