If you are an employer looking for a cost effective insurance that your employees can take advantage of, OneCare Group Salary Continuance may be the one right for you. It is a good option that you can consider when you want to provide insurance package benefit for your employees that will give them income protection security of up to 75% of their regular monthly income. In case your employees become terminally ill or suffer from injuries or accident your primary objective is to give them financial assistance. Through the OneCare Group Salary Continuance you can give your employees the peace of mind of being covered with insurance protection in case of life eventualities. You can be assured that the insurance plan is your partner in giving your employees the financial security that you want to provide for them in a cost effective manner. OneCare Group Salary Continuance is tax effective income protection insurance available for a group of employees or members of a group super fund.
Insurance Coverage Benefit from OneCare Group Salary Continuance
Employers aim to provide added financial security to the most important assets of their organisation – their employees. Through the OneCare Group Salary Continuance employers can add to their employee’s remuneration benefits some insurance coverage that will entitle them to claim for a lump sum in case unfortunate circumstances happen to them like getting terminally ill or when an employee sustains injuries and becomes totally or permanently disabled and is unable to work. This type of income protection insurance is available for a group of people who share some commonality like when they are employed to the same employer or they are members of a superannuation fund.
The death and terminal illness cover benefit entitles the insured member or his beneficiaries to a lump sum claim from his OneCare Group Salary Continuance in the event of his death or when diagnosed with a terminal illness. The member will also be entitled to the same claim of benefit when he suffers from total or permanent disability and is therefore unable to work under the total or partial disability coverage (TPD) of his insurance plan.
When an employee cannot work because of his disability, the OneCare Group Salary Continuance can provide financial support to his family for their financial needs. The income benefit from OneCare Group Salary Continuance gives its insured members the peace of mind with the guarantee of having some other financial source when they are unable to work because of their disability. The benefit that the policy holder can claim can be used for paying the family’s basic needs and daily living expenses and also for paying for the insured member’s medical bills and rehabilitation.
There are also other beneficial features that you can enjoy from your OneCare Group Salary Continuance. The group salary continuance plan gives its policy holders continuous protection with a worldwide cover. Even when you are overseas you can be assured that you are automatically covered with insurance protection as you travel. Your insurance coverage also extends to a maximum of 60 days in case your circumstances change such as when you no longer meet the required eligibility criteria. Likewise, when you are no longer gainfully employed and consequently your death cover under the OneCare Group Salary Continuance also ceases, you will still be entitled to apply for a death cover continuation option where you can avail of an individual policy for death cover benefit without the requirement of medical underwriting.
OneCare Group Salary Continuance Considerations
In order to take advantage of the numerous benefits from your income protection insurance, you need to meet a number of requirements. You are eligible to apply for the OneCare Group Salary Continuance plan when you are between the age of 15 and 64. If you are not a member of a group of employees with at least 75 members you will not be eligible to the insurance plan as well. Moreover, there are certain occupations that are not covered under the terms of the OneCare Group Salary Continuance that can disqualify your application when you are employed from these classifications of employment. Only Australian residents and holders of Australian visa are eligible and should be a member of a complying superannuation fund. Employees or contractors can also apply as well as any partner of a partnership.
If you are an insured member of OneCare Group Salary Continuance, your insurance coverage may also be accompanied by the Group Life Cover and Group TPD Cover. Policy holders can also opt to apply for an additional insurance coverage policy that is outside from the group coverage of their insurance such as the OneCare TPD Cover, OneCare Trauma Cover and OneCare Child Cover. Although these additional options will give you more flexible alternatives to maximise the benefits you can use from your OneCare Group Salary Continuance, you need to exercise prudence in the selection of the most appropriate benefit coverage most suited to your needs.
Make sure that you review the features and benefits of the additional cover options offered with your OneCare Group Salary Continuance plan. Make an evaluation of your lifestyle and needs before you decide as there are some benefit covers that you may not need at all. A consideration when choosing the additional benefit that you may want to individually pay for includes your capacity to pay for the premiums. Make sure that you are able to assess your financial capacity to pay for the additional cover benefits that you want to sign up. Some employers will generously shoulder paying the premiums of the OneCare Group Salary Continuance insurance for their employees but many will require their employees to participate paying a share in their insurance premium. You will also likely to pay higher premium rates when you are engaged in performing hazardous work and with increasing age.