What are Group Benefits?
As the name suggests, group benefits provide coverage to a group of people. The plan is managed and offered by a business to support the health and wellbeing of its employees and their families. Plans typically include some combination of health, dental, prescription drugs, life, critical illness and disability insurance.
Businesses tend to offer comprehensive group benefits as part of their competitive compensation package to attract and retain talented employees. Plus, group benefits help employers maintain a healthy and productive workforce.
Because these plans are purchased for a group of people, they usually tend to be more affordable for the individual than if they were to purchase a personal policy. Furthermore, coverage in a group plan tends to be broader or more robust than a personal policy.
Our group insurance solutions include:
Employee group benefits
Employee group benefits plans support businesses in helping their staff cover health and wellness expenses, such as coverage for prescription drugs and dental care. Some employers also like to include financial plans—such as a group RRSP or TFSA—to help their staff with savings or retirement planning.
Group life insurance
Group life insurance provides employees with the peace of mind that comes with knowing their loved ones will receive financial support in the event of their death. Unlike individual life insurance, your business will manage a group life insurance policy on behalf of its eligible employees as well as determine the death benefit amount each employee will receive (typically one to two times an annual salary, up to a maximum amount).
Group critical illness insurance
Group critical illness insurance provides a financial cushion for an individual after they suffer from a life-threatening illness— cancer, heart attack, stroke and more. Again, the group policy is managed by an employer.
Group disability insurance
Group disability insurance provides financial support to an employee who suffers a physical injury or mental illness and is unable to work for a period of time. This too is managed by a business on behalf of its employees.
Corporate-owned life insurance
Corporate-owned life insurance is a unique policy in which a business is named the beneficiary on a key employee’s life. This is designed to protect your business and keep it operational in the wake of the death of an owner, CEO or other key executive.