Employee Group Benefit Programs
If you run a company with multiple employees, group benefit programs provide a variety of financial services to you and your staff. By providing these policies through your business, employees save money and have more coverage options, and your company obtains increased levels of:
- Staff morale
- Hiring power
- Employee retention
At The Standard Financial Advantage, we partner with some of Canada’s top insurance providers, creating policies for clients just like you. We specialize in different areas of group benefits, including:
- Corporate Life Insurance
- Group Life and Disability
- Group Health
- Group Retirement Planning
By working with one of our experienced advisors, you can find a plan that fits the needs of your employees, your organization at your price point.
Corporate Life Insurance
When considering financial services for your organization, life insurance is an important piece of the puzzle. Life insurance can protect your organization from the financial hardship if a key person passes. This product provides funding for:
- Buy/sell agreements (partners/owners)
- Replacement of key employees
Group Life and Disability Insurance
Life is full of surprises, and your group life and disability insurance covers you and other members of your organization in the event of long-term injury, illness, or death.
A group life and disability policy in Canada is generally offered by an employer and protects a group of individuals under the umbrella of a single policy.
At The Standard Financial Advantage, we work with Canadians across Ontario, Manitoba, and Saskatchewan. We strive to help our clients find the best policy at the best rate. To do this, we partner with the top insurance providers bringing you customizable insurance options to build a policy that works for your organization.
How Does Group Life and Disability Insurance Work?
Group life and disability insurance is easier to qualify for than individual policies. Generally, you are get guaranteed acceptance and do not require medical information. The insurer will base your group rate on the demographics and industry of your group. For example, if more of the individuals in your group are over 50, you will find your premium higher than a group with more individuals in their mid-20s.
Types of Coverage Offered in a Group Life Insurance Policy
The types of coverage generally offered along with a group life insurance plan include:
Accidental Death or Dismemberment
If you die accidentally or injured, your accidental death or dismemberment benefits protect your family from financial burden. If you are injured and unable to return to work for a time, the funds are meant to support you until you are well enough to work again.
Spousal Term Life
You may add optional coverage to your group life insurance coverage in the form of spousal term life coverage. This offers similar protection to your partner if they pass away, providing you and your family with the money needed to plan a funeral, pay debts, and care for any children of the partnership.
Dependent Term Life
As with spousal term life, dependent term life protects your family from financial hardship if a dependent passes away.
Nobody plans to get sick or injured, but sometimes life brings the unexpected. Disability insurance offers a financial buffer while you are unable to work by providing income replacement.
There are two main types of group disability insurance, these are:
- Short Term Disability Insurance – Temporary or short-term disability insurance is designed to help you financially while you recuperate. It is under the assumption that your disability is a short-term issue, which will eventually be resolved so you can return to your job.
- Long Term Disability Insurance – Long-term disability insurance does not provide compensation permanently but rather is designed for disabilities that are long-term in duration. Long-term disability insurance usually lasts up to 2-years, replacing your income up to 85%, depending on your provider and your policy. After the initial 2-years, you are reassessed and may receive income replacement until the age of 65
Group Health Insurance
Health insurance coverage is one of the coverage’s offered in a group plan. This coverage includes a variety of protection levels, along with extended coverage options. Some of the features of extended group health insurance policies are:
- Prescription drug plans
- Hospital care/private or semi- private accommodations
- Dental coverage
- Vision coverage
- Emergency medical transportation
- Paramedicals: massage, physiotherapy, chiropractor, speech therapy
- Out of Country Emergency Medical
Group Investment Products
Having options such as RRSP matching plans and other group investment options offers a retirement planning advantage to your employees. These investment programs can be very competitive from company to company, aiming to draw in and retain the top talent in your industry.
Group investment is attractive because funds are directly deposited into investment accounts from payroll. This makes it easier for employees to continue making regular contributions without feeling the pinch financially. Most employers try to match retirement planning contributions and use the payroll process for ease and tax efficiency.
Group Retirement Planning
Group retirement planning goes hand in hand with group investing but has a few distinctions. Retirement planning is a long game. It requires patience and focus on the end results.
Group Retirement plans are something every Canadian can get behind, which is why so many companies now include them in group benefits.
Contact: The Standard Financial Advantage
If you are interested in group financial services such as Group Health and Wealth Plans, we can help. The Standard Financial Advantage has years of experience working with corporate accounts.
Group Health and Wealth Financial Services FAQs
The Standard Financial receives many questions relating to Group Health and Wealth Benefit Plans. To help our clients understand these programs, we have included some of our most frequently asked questions for you to consider.
Who pays the premium for Group Health Plans?
What kind of financial services products are available for employees who want to work on retirement planning?
Are disability Payments received tax free?
At The Standard Insurance, we pride ourselves for our long-lasting commitment to act as an advocate for every single one of our clients. Our success is measured by their experience and satisfaction:
I had a wonderful experience with Nicolle, I had some issues with my Insurance policy and Nicolle straightened them up immediately. THANKS AGAIN NICOLLE !”
“Callie stepped up and provided a very professional service and responded to all our questions in a timely manner. We highly recommend Standard Insurance Brokers.”
“The agent, Celeste, was very prompt with her responses. She was able to source a favorable and economical premium compared to what I had. Very good service so far.”
“The ladies that work here are great! So sweet and kind! Thank you for the A+ customer service”