Life Insurance
4 types of coverage available –
Employee Basic & Optional, Dependant Basic & Optional.
Basic life insurance pays a pre-specified amount (typically based on employee’s earnings or a flat amount) in the event of the death of an employee from any cause. The rates are revised annually (yearly renewable term) and are based on the demographics of the group. Premiums paid by the employer on behalf of the employee are a taxable benefit, however, benefits received are non-taxable.
All group life insurance plans are subject to a maximum level of coverage. An upper limit is placed on the amount of basic group life insurance coverage available to employees.
If group life insurance coverage terminates for an employee, the plan can be converted into an individual policy. In most cases, the policy is convertible to either a one-year term policy (for employees under the age of 65), a term to age 65 policy, or a permanent insurance. There is usually a maximum amount of insurance that can be converted. The premium for the converted policy is based on the type of policy and the age, sex and smoking status of the employee. Medical evidence is not required to convert the policy.
Services
Life Insurance
Basic life insurance pays a pre-specified amount (typically based on employee’s earnings or a flat amount) in the event of the death of an employee from any cause.
Accidental Death & Dismemberment (AD&D)
Provides protection if a plan member incurs either 1) a loss, or 2) loss of use of: life, limb, sight, hearing, and/or speech due to an accidental injury.
Disability (Short and Long Term)
Disability insurance bridges the gap between income and expense if you become disabled and are unable to earn an income.
Critical Illness
Critical illness coverage bridges the gap found in most traditional employee benefit plans.
Extended Health Care
Designed to supplement existing provincial hospital and medical insurance plans. The benefit allows for reimbursement of expenses and/or services not covered by existing government plans.
Employee Assistance Program (EAP)
An employee benefit program that assists employees with personal problems and/or work-related problems that may impact their job performance, health, mental and emotional well-being.
