Group Benefits

Group Benefits

Welcome to your group benefits guide. This page will give you a good understanding of group benefits, will inform you of savings opportunities, and also provide a number of other useful tips.

Typically, a company group benefits (or group insurance) plan can consist of different pieces and provide financial support to insured employees who are covered under the plan. These components can be:

  • Group life and accident benefits (e.g. Life Insurance, Accidental Death etc.)
  • Group disability benefits (E.g. Short-Term Disability, Long-Term Disability, Critical Illness etc.)
  • Group medical plans, dental care and drug plans
  • Other benefits (e.g. HSA – Health spending Account, Online Health Management Tools, Counselling Programs etc.)

Whereas larger organizations are well served by insurance providers, small and mid-size businesses can find it difficult to assess their own needs, compare different group benefits plans and determine what the best option is. As an employer it is also important to understand how greatly group benefits contribute to the company performance.

Get a free Group Benefits quote

Why group benefits are beneficial for your company

There are several ways group benefits contribute to the bottom line of your company, despite the fact that they all come with a price tag.

 1. Attractive employer: Good benefits are a part of the package that your future employees will be looking at, and having a great group benefits package to offer will allow you to be more attractive in the eyes of potential candidates and attract the best ones.

 2. Increased productivity and efficiency: Better group benefits mean less headaches for your employees. This means that your staff will be more focused on their work rather than dealing with financial security issues.

3. Faster return to work: An experienced group benefits provider will also be able to accelerate the return of your employees to work following an injury (e.g. after a disability phase).

4. Insurance access for all: Group plans are not discriminative or selective since the risk is shared across all employees and thus, every employee has access to the same benefits. That’s completely different to individual insurance plans, which look at individual health state, age, etc.

5. Protection for the family: Most group insurance plans provide basic protection for a spouse/child(ren), resulting in higher employee morale.

6. Tax effectiveness: Most group insurance premiums paid by the employer are tax deductible and considered a business expense.

7. Easier protection after retirement: Some group plans have an option to convert the plans after retirement from a group plan into a valuable individual coverage.

Get a free Group Benefits quote

Our Publications related to Disability Insurance

111 Insurance Myths – Everything You Must Know

111 Insurance Myths – Everything You Must Know

Hundreds of websites on the Internet perpetuate insurance myths. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life Insurance etc. If interested, you can unlock another 20 additional [...]
Life Insurance Rates Scout Is Live – Find Out if You Pay Too Much

Life Insurance Rates Scout Is Live – Find Out if You Pay Too Much

Unlike auto and home insurance, life insurance is an insurance product that is much more difficult for people to understand. As a result, it is often unclear how much your term life insurance rates will be, how long you are covered under a policy, and the amount of insurance coverage you need. To[...]
Life Insurance After Heart Attack - How Much Does It Cost?

Life Insurance After Heart Attack - How Much Does It Cost?

A heart attack is a terrible experience for the person who has one and for that person’s loved ones. There are many reasons why you could suffer a heart attack, from inherited heart disease, stress or an unhealthy lifestyle. If this isn’t bad enough, after you have a heart attack, you face another c[...]
Life Insurance for Parkinson's Patients - What Can You Do

Life Insurance for Parkinson's Patients - What Can You Do

Life insurance.  It’s something a lot of people put off.  You’re healthy, active, and young—why bother with the extra expense right now?  Things can change pretty quickly when something goes wrong, though—when an accident occurs, or when someone is diagnosed with an illness like Parkinson’s disease.[...]
Life Insurance with a Pre-Existing Condition - Explained in Detail

Life Insurance with a Pre-Existing Condition - Explained in Detail

Getting a life insurance policy can be complicated, but the situation becomes even more difficult if you have a serious precondition. Since we often receive questions related to types of life insurance people can get when they have particular preconditions, we decided to create a user-friendly refer[...]