Group Life / Health Insurance Helps You Hire Better Employees And Keep Them Longer

Group Life Insurance

Group Life Insurance Benefits play a huge role in providing peace of mind for employees and their families in the event of a tragic death.

There are a few components to Group Life Insurance – Employee Life Insurance, Dependent Life Insurance, Optional Life Insurance, Spousal Life Insurance, and Terminal Illness or Living Benefit.

Employee Life Insurance: Will pay a pre-specified amount in the event of the death of an employee from any cause.

Dependent Life Insurance: Will provide financial protection to an employee if his/her spouse or child dies. The benefit is designed to pay for illness and funeral expenses, not as a replacement for lost future income.

Optional Life Insurance: This is term life insurance that is available in addition to Employee Group Life Insurance, giving plan members the opportunity to add more coverage. By combining Employee Group Life Insurance with Optional Life Insurance a plan member can obtain the amount of coverage that he/she requires in order to provide:

Spousal Life Insurance: Insurance for the spouse of a plan member.

Terminal Illness or Living Benefit: This will advance the plan member 50% of the Group Life Insurance amount upon proof of diagnosis of a terminal illness where a plan member’s life expectancy is 12 months or less.

At TSG we have Advisors who can find you the right Group Life Insurance Policy to suit your employees needs. Contact one of our advisors today by phone for a quote or chat with them live online now!

Critical Illness

Critical Illness Insurance supports employees when they are faced with the high costs of serious, life-changing, long-term illnesses and medical conditions. It provides them with the financial resources to maintain or make changes to their lifestyles.

The benefit will pay a pre-determined lump sum to the insured person if they suffer from one of the major illnesses or medical conditions named in the policy, whether or not he/she is able to work.

Depending on the insurer and the plan, up to 25 medical conditions may be covered. Unlike Life Insurance that pays a benefit upon the death of the policy holder, Critical Illness is a living benefit. It is paid even if the insured person makes a full recovery and it can be used in what ever manner the insured person sees fit.

Accidental Death and Dismemberment

Accidents can happen, and they unfortunately do, sometimes with severe consequences. However, at TSG, we can offer you protection against these unforeseen circumstances – Accidental Death and Dismemberment Insurance. It protects the employee and his/her family against the financial hardship that sudden death or dismemberment can cause. Accidental Death and Dismemberment Insurance provides coverage 24 hours a day, whether the employee is on or off the job.

The benefit paid is based on the dollar amounts assigned to the injury – the more serious the injury the greater the payment.

Accidental Death and Dismemberment Insurance can provide financial security and allow the plan member to make necessary lifestyle changes as a result of an accident.

Disability

At TSG, we provide disability coverage that’s designed to help address your needs and protect your ability to earn an income—something that could be jeopardized the second a disability strikes. Disability Coverage will help to ensure that plan members have a source of income should they become disabled and be unable to work while on or off the job for certain periods of time. However Disability Coverage will not fully replace their income. There are two types of Disability Coverage:

Short-term Disability – replaces a portion of the plan member’s salary for up to six months if he/she is unable to work due to illness or injury
Long-term Disability – replaces a portion of the plan member’s salary for 2 years, 5 years, or up to age 65 if he/she is unable to work due to illness or injury, depending on the insurer and the plan

Disability Coverage does not provide plan members with their full salaries. The benefit paid is generally based on a percentage of the plan member’s pre-disability gross earnings. The percentage will vary depending on the insurer and the plan.

Short-term or long-term disability can happen to anyone at any age. Disability Coverage protects plan members from possible loss of income due to illness and injury and will help to ensure that they can continue to take care of themselves and their families.

Group Extended Health Care

We understand that there are many medical expenses that are not covered by the current government health care plan. Extended Health Care helps employees and their dependants pay for necessary medical expenses that aren’t covered by OHIP. Each Group Extended Health Care plan can be customized to meet the specific requirements of each organization with a variety of options including:

Medical Services and Supplies, Prescription Drug Plans, Vision Coverage, Dental Coverage.

At TSG we have Advisors who can find you the right Group Life Insurance Policy to suit your employees needs.Contact one of our advisors today by phone for a quote or chat with them live online now!