Features and Benefits

Salary Continuance Insurance

Swaab Attorneys offers Salary Continuance insurance to all permanent staff (upon commencement of employment) working 15 hours or more per week, at no cost to employees.

The insurance is provided through Hannover Life, which means that there is generally no direct correspondence with the employee unless the employee is required to be medically underwritten or a claim is being processed.

 

Key Benefits

 

  1. The Company will pay the premiums on your behalf.
  1. You have automatic cover, which means there is no need for medical underwriting under the policy if you earn a base salary of less than $200,000 pa.

    This is a wonderful benefit, which you could not obtain if you applied for this type of insurance on your own.

 

Product Features

 

  1. Level of Cover – Covers 75% of base salary.
  2. Automatic Acceptance Level – Automatic Acceptance Limit (AAL) of $12,500 per month, or $150,000 per annum. As the benefit cover is for 75% of base salary this means that employees earning a base salary of $200,000 pa will not have to be underwritten and will be automatically covered when they join the company.

    Employees earning more than a base salary of $200,000 pa will need to complete health declarations as their benefit payment will be over the AAL; alternatively, their benefit will be capped at $150,000 pa.

  1. Waiting period – 90 day waiting period. Waiting periods relate to how long an employee needs to wait before their claim will be paid. As benefit payments are one month in arrears after the waiting period has passed, the first payment will be paid around the 120th day after the employee has been unable to return to work. Normally annual leave and sick leave accruals can be used to fund a portion of the waiting period. The waiting period starts on the date a Medical Practitioner examines the person and certifies that he/she is Disabled and unable to work.
  2. Benefit period – Benefit period for all Categories  is age 65. If an event occurs which prevents the employee from returning to work, this benefit will be paid for a maximum period of up to the employee’s 65th birthday.
  3. Maximum Benefit Level – $30,000 pm or $360,000 pa.

 

Category Description

 

  • Category 1: Equity Partners
  • Category 2: Fixed Share Partners
  • Category 3: Employees i.e all permanent employees of the Employer engaged in office only based occupations working at least 15 hours per week