Together with Co-operators we provide group benefit plans for many sizes of businesses, in many industries. We want to help you understand how their products can be shaped and moulded around the wants and needs of you and your employees. If at anytime you have a question, our licensed brokers are a call or click away!
What Is Group Insurance?
Group insurance is a type of insurance policy providing coverage for a group of people. This group can be under a business, non-profit organization, educational institution, etc. The coverage can be for a variety of services or circumstantial payouts. Common coverages that you may have heard of are dental care, health care and long-term disability.
How Does Group Insurance Work?
An insurance provider like Co-operators will supply a tailored policy that manages your wants and needs. Your organization will pay into the policy via a monthly premium. Over the course of a year from the date of purchase, employees can then make claims that are handled by the insurance provider.
How Does Group Insurance Help My Business?
There are two main benefits of group insurance, tax deductions and employee attraction/retention.
Tax Benefits
Group policies are qualified as a business expense. These tax savings can be seen as small offset to the cost of the policy.
Employee Attraction and Retention
Organizations of all types know how important it is to have top talent employees helping us push our organizations forward. And you may have seen how competitive it can be to attract and retain those people. Benefits are a huge bonus for many, drawing them in. But, the goal is to keep those crucial employees. A benefits plan will provide your employees with services that they may not have otherwise been able to afford. This will show your workforce that you care and encourage them to stay for years to come.
Other Benefits
Besides the big two benefits, an often overlooked benefit of group insurance is the long term health protection of your workforce. Your policy, depending on the features that are chosen, can help each individual sustain their health keeping them in your workforce for a greater period of time.
What Does Group Insurance Cover? What Features Are Available?
Below are just some of the coverages that Co-operators offer.
Dental Care
Dental Care can cover dental related services. For example: fillings, wisdom tooth removal, crowns, bridges and more.
Health Care
Health Care can cover health related services and goods. For example: drugs, paramedical. vision care, supplies, and more.
Disability
Disability coverage comes in three forms, short-term, long-term and critical illness. Both short and long-term disability provide income for an individual if they become sick or injured and unable to work. Critical illness provides a lump sum cash payout if an individual experiences one of the covered conditions.
Life
Life insurance covers the unfortunate death of an individual. The insurance company would then provide a payout to the beneficiary equal to the sum insured. The beneficiary is free to use the sum as they choose.
How do I get a group insurance plan? Can it be bought online?
Group insurance is not a product that is available in a click to buy process. It is important that you are getting exactly what you need out of the policy, understanding how it works, and getting at the best price. This eliminates any confusion in future; we wouldn’t want an employee to be missing coverage due to a miscommunication. That is why we have advisors. They work with both you and the provider to meet all your wants and needs, walk you through the process, and help you understand everything that you are getting out of your policy.