GROUP HEALTH & GROUP LIFE COVER

Transcription

1 GROUP HEALTH & GROUP LIFE COVER

2 Why should my organisation choose the Laferla Group? With so many options available, it is important to identify the right insurance provider. We are determined to offer the best possible rates and terms to our clients. It is for this reason that we offer special terms to groups of all sizes. We can cater for groups starting from five members to large organisations employing thousands. The Policy terms and benefits can be tailor made, according to your requirements. Policies are placed through Laferla Insurance Agency Ltd (Health) and Laferla Holdings Ltd (Life) with Mapfre Middlesea plc, a member of the MAPFRE Group - one of the largest insurance providers in the world. Is my organisation eligible for Group cover? GROUP HEALTH & GROUP LIFE COVER Group Health Insurance & Group Life Assurance Overview The simple answer is yes. Any organisation is eligible for Group Health & Life Cover. Some industries (amongst many others) which may be interested in a Group Health & Life package include: Gaming Oil & Gas Banking and Finance Airlines Pharmaceutical Ship Building Manufacturing Employers are increasingly becoming aware that the future of any business depends upon the calibre and commitment of its staff. In today s employment market, it is no longer enough to simply offer the right salary. Successful companies attract and retain quality employees by offering a complete and comprehensive employee benefits package, as part of their remuneration, including Group Health Insurance and Group Life Assurance cover. Group Health & Life coverage refers to a single policy (referred to as a Scheme ) issued to a group (typically a business with employees, although there are other kinds of groups and organisations that can get coverage) that covers all eligible employees and sometimes their dependants. Individual coverage, on the other hand, is a single policy issued to a single person or family. To attract and protect the most important assets of any business, it makes sense to offer Health & Life cover as part of a total employee benefits package.

3 Can my organisation include multiple levels of cover? Yes, Laferla allows for fully customisable schemes. To provide an example, your organisation may opt to purchase a basic local plan for employees; a comprehensive local plan for management; and a comprehensive international plan for directors. Laferla also offers the option to include dependants (family members) in the Health Insurance Scheme. This can be done across the whole scheme, or for chosen levels within the scheme. What payment options are available? Laferla offers extremely flexible payment options for Group Health Insurance schemes; including: GROUP HEALTH INSURANCE What is Group Health Insurance and why should my organisation offer it to its employees? Health insurance helps protect the personal health of you and your employees. With coverage for private health care, employees are better able to stay healthy. Reasons why companies organise group health insurance for their employees include: To offer additional benefits to employees. To show that employees are cared for and give them a sense of belonging. To provide employees with better access to medical care. To reduce absenteeism and decrease risks associated with poor health. Group coverage is cheaper than Individual coverage. Group plans may be tailor-made to include additional benefits not offered under individual plans. Organisation-paid - the organisation pays for the full cost of the Health Insurance scheme. Employee/Member-paid - the employees pay for the full cost of the Health Insurance scheme, but enjoy the full benefits of a Group Health Insurance scheme. Mixed - the organisation and employees/members share the cost of the Health Insurance scheme. What is the procedure in the event of a claim? Lodging a claim is relatively straight-forward. The claimant must present a claim form to the consulting practitioner and forward such claim form together with original receipts relevant to that claim. Laferla will then assess the eligibility of the claim and reimburse the claimant. Depending on the level of cover, the claimant may also be able to enjoy a cash-free service when requiring hospitalisation, surgery, cancer treatment, and CT & MRI scans. In such circumstances, Laferla will be able to pay the hospital or clinic directly. This is not available when choosing a Basic level of cover. How much does it cost? The cost depends primarily on the plan chosen. Laferla can cater for basic local plans, comprehensive local plans and comprehensive international plans. For more detailed information, or a free quote, please contact us.

4 What cover is available under a Group Life policy? The basic cover offered is that of death as a result of any cause. A more restricted cover - death as a result of natural causes can be opted for. Cover is Worldwide on a 24 hour basis. Apart from basic life cover, one can add on other benefits such as Accidental Death, Permanent Total Disability and Permanent Partial Disablement. To whom are the benefits payable? If the employer is funding the Group Life Assurance premium in full, then the proceeds from a claim under the scheme would be made payable to the employer. It is then up to the employer to decide how to dispose of the funds. Most employers pass on a lump sum to the heirs of the deceased employee. Other employers may retain some monies to offset recruitment and training of a replacement employee. GROUP LIFE ASSURANCE What is Group Life Assurance and why should my organisation offer it to its employees? Group Life Assurance schemes are another way to encourage a strong working relationship between employer and employee. Ensuring that employees and their families are well protected in the unfortunate event of death demonstrates a duty of care. This is viewed by many as being a mark of a good employer. This can benefit the employer as well as the employee. A tax-free lump sum benefit payment will be paid out if an insured member of the group either passes away or becomes eligible for any other benefit, as the case may be, during the policy period. Most importantly, it provides the employee with peace of mind that, should the worst happen, their close family will not be left to struggle with financial difficulties. How is the Sum Assured determined? The Sums Assured are defined beforehand and can be determined by: A flat benefit for each person; or A salary related benefit - e.g. three times the employee s annual salary; or A combination of all of the above benefits; or A sum for each year that the employee has been in employment with the company. How is the premium arrived at? The level of premium will depend on the Sum Assured required in respect of each employee, the age and their occupation. This premium is known as a Deposit Premium and is adjustable at each renewal. Upon each renewal, an updated list of employees will be requested to enable an insurer to calculate the new Sum Assured. What is the procedure in the event of a claim? It is very important that the company receives immediate notification of a claim. The following will be required in the event of a death claim: Original birth certificate; and Original death certificate showing the cause of death. In the case of a disability claim, the following evidence is required: A medical examination; and Medical evidence from the employee s general practitioner. Key benefits of Group Life Assurance Offers peace of mind. Favourable rates vs Individual cover. May be used as collateral against bank loans (subject to employer approval). Improves employer/employee relationship. Worldwide, 24/7 cover. Easy administration. Helps attract high quality staff. Flexible benefit structure. Benefits are paid immediately and are tax-free under current legislation. In most cases, no medical questionnaire or examination is needed.

5 Laferla Group Block 25, 17-20, Vincenti Buildings Strait Street Valletta Malta Contact: Keith Laferla Mobile: Laferla Insurance Agency Limited is licensed to act as an insurance agent for Mapfre Middlesea plc and both companies are authorised to transact insurance business by the Malta Financial Services Authority. Laferla Holdings Limited is licensed to act as a Tied Insurance Intermediary for MSV Life plc and Mapfre Middlesea plc for Individual Life Insurance and Group Life Insurance products respectively, and all companies are regulated by the Malta Financial Services Authority.