The Policy

What does this benefit cover?

Personal risk insurances are especially valuable if you rely on your income to meet your financial obligations each month, or have loved ones that rely on you to help provide for them.

As a permanent employee of Genesis Energy you are eligible for these benefits from the first day of your employment, simply by turning up for work on your first day fit and able to perform your duties. 

Life Insurance pays a lump sum, equal to 2 times your salary, to your family if you die or diagnosed as terminally ill.  The insurer automatically accept cover up to $1,000,000.

This will certainly help those you leave behind, but may not be enough to provide for the futures of your spouse or dependents.  These benefits are not intended to be a full financial solution for you, but a starting point to help you when things turn to custard. See here for details of how you can seek personalised information.

Trauma Benefit pays a lump sum of $10,000 if you were to be diagnosed with a critical illness – like Cancer, Heart disease, or Stroke.  This could help you through some tough times when you really do not want to be worrying about how you might pay your bills.  It might even help recuperation or rehabilitation costs.

Income Protection pays a replacement income should you be off work for a prolonged period as a result of sickness or injury.  This can help pay your mortgage payments, or rent commitments because the bank or your landlord would not care too much about the circumstances of your inability to meet your monthly commitments! The Income benefit has a 13 week stand down period and is a two year benefit with effect from September 1st 2020.  During September 2020, employees will have the chance to increase this to a 5 year benefit period without any medical assessments.  New employees will have the same 30 day window when they start work at Genesis Energy.