In Practifi, insurance for member accounts follows two models. Typically, a member would be enrolled in a group insurance policy provided by the sub-fund/plan. A default level of cover is provided for a number of benefit types (such as TPD, Life, Income Protection) with an option to top up. Default cover and top up limits are defined on the sub-fund.
Alternatively, where a member's insurance requirements fall outside the conditions of the group policy, you can individually underwrite members in Practifi and store policy and benefit details including provider names, policies, benefits and premiums on the member account.
There are a number of insurance specific categories and settings in Practifi and they can be configured by your Practifi System Administrator.
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