A Group Benefit Plan can be designed for groups of 2 or more people and are designed based on the options below.
A Group Plan can also be designed for Self-Employed individuals to provide Health, Dental, and/or Disability coverage.
Group Benefits allow employers to compete on an even playing field with large companies and are necessary for employee retention.
Group Benefit Plans are customized as per the needs of each company. Please speak with us today to determine what your needs are and to put together the most suitable plan based on your needs and budget.
If you are currently covered under your company’s benefit plan, it is always a good idea to review your coverage with an insurance specialist to make sure that you are properly covered and that you fully understand the details of your benefits. Most plans have restrictions and limitations and provide insufficient protection resulting in areas that require topping up.
Group Benefit Plan options:
Mandatory:
Life Insurance
Accidental Death & Dismemberment
Optional:
Critical Illness Insurance
Short Term Disability, Weekly Indemnity
Long Term Disability
Extended Health Coverage
Dental Care Insurance
Life Insurance (mandatory)
Life Insurance provides you with 24hr coverage in the event of death at any time or place and from any cause
(except for the suicide clause).
Standard Options
Flat $25,000
Flat $50,000
Flat $75,000
Flat $100,000
OR
1x Salary
2x Salary
3x Salary
Accidental Death & Dismemberment (mandatory)
AD&D covers you in case of an accident resulting in death, dismemberment, loss of sight, or paralysis – anywhere in the world – 24hrs a day – on or off the job.
options as per Life Insurance above.
Critical Illness Insurance (optional)
CI provides coverage should you be diagnosed with one of the covered illnesses. The diagnosis must be confirmed by a physician and the benefit is only payable if you survive for a period of 30days following the day of confirmed diagnosis.
Standard Options
Flat $10,000
Flat $25,000
Please note that Critical Illness Insurance under a group plan has a different payout structure than a personal CII plan. There are only certain illnesses that qualify for a full payout - therefore it is important to read your personal benefit booklet.
If you are a business owner there are strategic tax savings that can be enjoyed by offering independent Critical Illness insurance to your employees. Please talk to us about a Group Accident and Sickness Plan (GRASP).
ADDITIONAL BENEFITS
Short Term Disability (Weekly Indemnity), Optional
WI coverage provides a weekly income to assist you when you are absent from work due to illness or injury and meet the criteria for disability.
Standard Options
60% of Salary
66 2/3% of Salary
Waiting Period
1st day Injury, 8th day Illness
Benefit Period
17 weeks
26 weeks
52 weeks
Long Term Disability (LTD), Optional
LTD provides a monthly income to assist you when you are absent from work due to illness or injury and meet the criteria for disability.
You must be under the regular care and personal attendance of a physician and must be totally disabled for the entire time you are away from work, in order to receive the benefit.
Standard Options
60% of Salary*
66 2/3% of Salary*
66 2/3% of first $2500, 45% thereafter
Waiting Period
17 weeks
26 weeks
52 weeks
Benefit Period
2yrs
5yrs
to age 65
COLA (cost of living adjustment, optional)
3%
4%
5%
*Income is based on the taxable income reported on your T1 General
Disability (own occupation) = A total and continuous disability caused by an accident or illness that prevents you from performing the principal functions of your regular employment.
Disability (regular occupation) = A total and continuous disability caused by an accident or illness that prevents you from performing any gainful occupation or from carrying on any work that could provide a salary or profit in an occupation for which the member is reasonably prepared through education, training or experience, regardless of the availability of such employment.
HEALTH OPTIONS
Extended Health Coverage (EHC)
EHC provides coverage for any reasonable and customary expenses for supplies and services that are medically necessary and used to treat injury or illness. Expenses will be reimbursed as per the benefit coverage chosen with a chosen deductible and co-insurance amount.
Standard Options
Co-Insurance (reimbursement)
80% drugs, 80% other
80% drugs, 100% other
100% drugs, 100% other
Deductible (per year)
$0
$25 single, $50 family
$50 single, $100 family
Dispensing fee maximum
$5
$7
$10
Paramedical Practioners (per year)
$300/practitioner
$500/practitioner
Vision Care
$100/2yrs
$150/2yrs
$200/2yrs
$250/2yrs
Dental Care Insurance
Expenses for Dental Care will be reimbursed as per the benefit coverage chosen with a chosen deductible and co-insurance amount.
Basic Services
80% reimbursement
100% reimbursement
Major Services
50% reimbursement
Orthodontic
50% reimbursement
Deductible (per year)
$0
$25 single, $50 family
$50 single, $100 family