Integrity Life is launching a new combined group insurance product for small to medium businesses.

The Five+ product provides both life and income insurance to businesses with as few as five employees, up to as many as 50. It also offers an income benefit to employers and can be bought online.

Integrity says it is using a simple product design, unique administration structures and a technology platform to solve the problem of traditionally high cost structures. Group insurance has historically been unavailable to businesses with fewer than 20 workers, it says.

Integrity MD Chris Powell says start-ups and small companies can’t attract and retain talent as they struggle to offer the same perks and benefits that their larger competitors do.

Integrity is trialling the solution with the national insurance broker networks that it worked with to develop the product. It is planning to extend it gradually to the wider market over coming months.

Five+ is “off the shelf” and has no minimum premium, instant quoting and a straight through application process, death and TPD benefits of $200,000, and group salary continuance. It will cost between 1-2% of salary.