Great news! If you’re a permanent staff member (0.5FTE and above), you’re covered by the Unitec Group Plan. This plan covers Group Life Insurance and Income Protection insurance.
Here’s an overview of the benefits:
- The Group Life Insurance is paid in the event of your death, and the amount reflects your annual base salary, less tax, (to a maximum of $250,000).
- The Income Protection is paid in in monthly instalments, in the event you are unable to work due to illness or injury. It covers 75% of your annual base nett salary (to a maximum of $132,000/annum).
- There are specific terms, conditions and additional details around these benefits so please read the Employee Guide for more information.
If you’ve been a permanent employee since July 2018, this week you’ll receive a certificate outlining the Unitec Group Plan. If you joined us after that date, you’re still covered, but will receive your certificate next year.
If you have any questions, please contact our Human Resources team.
To find out more about some of the other ‘perks’ you can enjoy as a staff member, go to the Nest > working@Unitec > Human Resources > Staff Benefits.
Will this be offered to existing staff who meet conditions mentioned but are aged 65 plus?
Ken
For Income Protection and Life Insurance, you are covered until your 70th birthday as long as you have completed the Personal Statements and these has been accepted by the Insurers. These forms were sent out with the Insurance Certificates. As per the Employee Guide, for coverage you will need to be permanent and employed on 0.5 FTE or more.
I have a couple of questions about the information I received last week. It came after years of not receiving updates or in fact hearing anything at all about Unitec’s group insurance scheme.
Does this have any connection with the previous group scheme or it is a new one? Do I need to retain any of the paperwork or policy docs associated with the previous scheme.
In my papers, there’s a health declaration and a workplace personal statement to be filled in. Does a workplace personal statement mean that Sovereign will be sharing information with Unitec administrators or other staff, at my workplace. Is the need for completion of these forms related to age?
I thought others might have similar questions, so think it would be helpful if the answers can be provided publicly.
Unitec has had a group scheme for quite some time. This year, the insurance broker has provided us with Certificates for our employees. We do appreciate that this has not been provided before so we thought this was a good opportunity for our employees to have visibilitiy of these benefits provided by Unitec. We have also provided you personal copies of the current policy.
You do not need to retain any old paperwork or policy documents. The current policy replaces any previous scheme and these get reviewed each year. We have sent out the current policy that you are covered by.
Sovereign will not be sharing the information with Unitec administrators unless they have specific authorisation from you to do so.
The scheme now covers those up to 70 (previously 65 years old). There is a Personal Statement form to fill out if you are over 65.
In addition, if your calculated benefit exceeds the automatic acceptance limit, you will need to fill in a Personal Statement. All of this information is in the Employee Guide but feel to contact Mercer Marsh Benefits 0800 627 744 or mmbnz@mercermarshbenefits.com