Definition: Group life insurance is insurance that is placed by an employer to provide coverage for employees should there be a loss of life. 99% of time these policies are one-year renewable term insurance, which means that the policy needs to be renewed yearly by the policy owner.
Funding: In order to ensure benefit settlement is received without tax deduction, premiums for the group life should be considered a taxable benefit to the employee should the employer pay the premiums.
Basic: Coverage generally based on flat rate or as a multiple of earnings
Optional: Optional coverage available to employee and dependents to supplement basic coverage
Dependent: Group life insurance members can provide coverage to their spouse (legal or common law) or dependent children through dependent life coverage. This coverage provides a lump-sum payment to the group member should his or her spouse or dependent pass away. Coverage is also available as optional.
Things to consider: Typically group life insurance will not provide complete coverage for employees individual needed levels. It does however provide an ability to receive coverage. Evidence of insurability is usually not required for individual members of the group.
Schedule an initial meeting with us today so that we can begin a detailed analysis of your company’s needs. Once we have established what you would like your employee benefit plan to look like, we will turn to our extensive network of insurance providers so that we can find a variety of employee benefit solutions for you to choose from. We’ll then schedule a follow-up meeting with you where, together, we’ll decide on a benefit solution that combines optimal coverage with the lowest price possible.
Because your needs are always changing, and so to is the market for benefit products, your employee benefit plan can quickly become out of date, leaving you paying more than you have to for employee benefits or missing out on beneficial services. Our benefit consultants are happy to provide an in-depth evaluation of your current benefits situation to see if you are getting the most of your current plan.
Group benefit plans need nourishing. Unfortunately, many smallto medium sized group benefit consultants forget about their clients once their plan is set up. ATR Benefits takes the opposite approach. We encourage you to get in touch with us whenever you have a question regarding your benefit plan and to continue using resources like BenefitsCentral.ca for news on current benefit products.