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.

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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.

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