Integrity Life has launched an off-the-shelf group insurance offering for small-to-medium sized businesses.
The product, Five plus, would combine income and life insurance and allowed employers manage their financial risk if they temporarily lost an employee due to extended illness, and needed to hire a temporary worker to do the affected job.
The product, available for business with five to 50 employees, was offered though a select group of national insurance broker networks, and will gradually be extended to the broader market over the coming months.
Integrity managing director, Chris Powell, said: “It is very much an off-the-shelf solution that is easy for business owners to understand, purchase and administer, and provides SMEs with a great way of protecting their greatest asset – their employees.
“SMEs and start-ups report challenges in attracting and retaining talent as they generally can’t offer the same perks and benefits that their larger competitors do. This new product will help employers create a compelling offer to lure the talent they need to grow their business on a cost effective and affordable basis.”
Integrity Life said the product would feature:
- An off-the-shelf product;
- No minimum premium;
- Instant quotation and straight through application process;
- New event cover resulting in no health questions to ask when buying the product;
- Instant acceptance of the application after submission;
- Death and terminal illness benefit of $200,000 and Group Salary Continuance (100%
- of salary, 80% to employee, 20% to employer); and
- A price point of usually between 1% and 2% of salary.