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Elaine Li
30-04-2012, 01:50 PM
Hi Professional,

it is common for the company in sydney to buy the private Life insurance or PA Insurance for the employees, my collegue in Sydney asking our company to consider this.

as we have this in HK, US, UK, but it is the local market practice, but I am not sure if Sydney with this, can you share with my knowledge and experience, thanks

In Asia, we are normally with the sum insured of base x 24 times or 36 times, thanks

HRbeat
01-05-2012, 09:52 AM
Hi Elaine,

I am not sure if Sydney is too different from the rest of Australia. But from my experience in national HR, life insurance is not a standard employee benefit. However, we certainly provide this to staff travel to high or extreme risk countries. For standard roles that does not involve travelling to those destinations, it is not part of the employee benefit package.

Neb-Maat-Re
01-05-2012, 10:08 AM
Life and personal injury insurance arrangements are usually available to employees through industry superannuation schemes. It's at the employee's expense, but they can usually salary sacrifice super contributions and the payments are taken out of their balance by the fund.

Providing insurance as part of a remuneration package would probably incur Fringe Benefits Tax.

Moz
01-05-2012, 10:38 AM
Life and personal injury insurance arrangements are usually available to employees through industry superannuation schemes. It's at the employee's expense, but they can usually salary sacrifice super contributions and the payments are taken out of their balance by the fund.

This is a very good point.

It's not only available through industry superannuation schemes. My wife and I have just restructured our super to include life insurance through AMP.

One of the things I like about this is I no longer have to find a large chunk of money once each year for the life insurance premium and if you are out of work at any time the policy does not lapse because the premium comes out of your superannuation balance.

My advice would be to use a good financial adviser to help with this because there are several ways superannuation can be structured and there are many different insurance products out there.