Employee Life Cover

As an employer, you have your employees’ best interests at heart. You might want to provide them with additional benefits (to either reward them for their service, or to help keep them with your company). With Pinnacle Life you can provide your employees with some financial support against unforeseen events, at no cost to them.

With Cornerstone you pay for risk cover for all your eligible employees, by way of a single premium payment each month. You only pay for those employees who are eligible for cover at the start of each month.

Your choices for what you can offer your employees includes:

• Life insurance

• Trauma Insurance (if more than 10 eligible employees)

Product name

The Basics

Some of the details

  • Eligible employees are typically not required to provide any evidence of health status, up to the level of cover provided by your Group Risk Scheme.
  • All eligible employees automatically join the scheme, but there is the ability to opt-out if they so choose. While this is very uncommon, some may choose to do so for religious or cultural reasons.
  • Our Group Schemes are available to businesses who have more than 5 eligible employees, with different levels of options available when applying for a Group Risk Scheme. Individual employees can choose to select a higher level of cover, with the additional cost paid for by the employee.

Benefits for your company

Improved employee morale – by providing your people with this additional benefit, at no cost to them, you are providing them with something which they will hope to never need, but will be invaluable if there is a time of need. For most employers the cost is only a small additional proportion of total salary costs, but provides real value to your people.

Value for money – under our scheme you only pay for your eligible employees each month, versus many schemes where you have to pay an annual premium with built in additional costs just in case your employee levels increase, plus no savings if your employee levels go down.

Low administration cost – as we use your Belong membership and / or payroll information to manage the Group Risk Scheme dynamically, there are no additional costs for you. All communication with your employees is either directly through the Belong employee portal, or from Pinnacle Life, or its assigned agent.

Benefits for your people

Protection for their family at no cost – there is no cost to employees to be a part of your Group Risk Scheme, and it provides them with additional support for their families in a time of need.

Ability to increase their level of protection – employees can choose a higher level of cover, with the additional costs being paid for by them.

Automatic acceptance – we automatically accept all eligible employees and cover them up to an agreed amount, from the date the scheme starts, or from when they are first eligible for cover under your group policy

Cover provided during unpaid leave – employees can still be covered while they are on parental, or other unpaid leave, as long as payment for their cover continues.

Cover provided while working overseas – employees are covered while holidaying overseas, as well as those travelling on business, for less than 3 months continuously. If an employee is going to be working overseas for longer than this, then we may be able to provide continued cover for them.

Option for ongoing cover – when an employee covered under your Group Risk Scheme leaves your company’s employment, they can choose to continue their cover at their own cost.

Which of your employees are eligible for cover?

Any employee on either a fixed term (more than 6 months) or permanent contract is eligible for Group Risk Scheme cover.

Eligible employees must work an average of 20 hours a week (over the last three months).

Cover can be provided for any employee over the age of 16 and up to age 70. In some cases we may be able to offer some cover past age 70.

We cover most occupations, however there are some high risk occupations which we won’t be able to offer cover for.

How do get I get started?

For a quick quote, email us on ask@pinnaclelife.co.nz with:

  1. Number of employees working more than 15 hours a week
  2. Approximate average age of employees
  3. What type of work most of your employees do
or alternatively, download the application form above and send it back to us filled in.

What cover might I need?

Thinking about what life stage you’re at might help you get started if you’re stuck wondering what you need. Choose the option that best fits what you want to plan for, we’ll then let you know what other people planning for a similar future have asked for quotes on.

FAQs

How does someone claim?

Information about making a claim can be found here.

Who underwrites your policies?

Pinnacle Life is a licenced life insurer, our policies are not underwritten by any other company. Our policies are reinsured with Hannover Life Re of Australasia as part of our prudent financial management.

Still unsure?

Still unsure?

We can show you what insurance people planning for a similar future have asked about.

Help me choose
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