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.
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.
Our Publications related to Disability Insurance
Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
Disability-related stats that are important to know Accidents are unavoidable. On top of dealing with pain and possible physical or mental limitations, a disability can also result in financial difficulties because your ability to earn an income may be impacted too. Here are some sobering statistics: According to Statistics Canada, 20% of Canadians aged […]
Disability Insurance (also known as a DI policy) is one of the lesser known insurance types. Many Canadians are knowledgeable about life insurance, but, in most cases, it is disability insurance that is more likely to be used. DI can be costly, so we collected all the known ways to save on disability insurance; our […]
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 insurance myths at the end of our article. […]