Employee Benefits Insurance NZ

What are Employee Benefits?

Employee benefits (also known as group insurance or employee benefit packages) are insurance products provided to employees as part of their remuneration package. These benefits help businesses attract and retain talented employees while providing valuable protection for your team and their families.

In New Zealand's competitive job market, comprehensive employee benefits can be the difference between hiring top talent or losing them to competitors. Group insurance is also often more affordable than individual cover, making it a cost-effective way to provide valuable protection.

Types of Employee Benefits

Group Life Insurance

Provides a lump sum payment to an employee's family if they pass away. Often includes terminal illness cover.

Group Health Insurance

Provides private medical cover, including hospitalisation, surgery, and specialist consultations. Reduces wait times and gives employees access to better healthcare.

Group Income Protection

Replaces income if employees cannot work due to illness or injury. Provides peace of mind and financial security.

Wellbeing Programmes

Employee assistance programmes (EAP), mental health support, health screenings, and wellness initiatives.

What Does Employee Benefits Cover?

• Death benefit (lump sum to family)
• Terminal illness benefit
• Private hospital cover
• Surgical and specialist treatment
• Diagnostic tests and imaging
• Income replacement (optional)

Benefits for Employers

• • Attract and retain talented employees
• • Tax-deductible premiums as a business expense
• • Reduced absenteeism and improved productivity
• • Group rates are typically cheaper than individual cover
• • Fulfils duty of care to employees
• • GST credits available on premiums

Typical Costs

Employee benefits costs vary based on the number of employees, their ages, and the level of cover selected. Typical costs start from:

• • Basic group life: From $10/employee/month
• • Group health (starter): From $30/employee/month
• • Comprehensive package: From $50/employee/month