In a previous post, you met Adrian from Copperhead. You found out about his business’ robust group benefits plan. Today, we thought we would do a deep dive on what the plan really means from Adrian’s perspective.
Ask someone about insuring their car and house and they respond – “of course!” Ask if they’re protecting their health the same way – silence. Why is it that we devote so much attention to our “golden eggs”, but not the goose (us) that creates them?
If you’ve just been let go or laid off from a job where you had health benefits, you don’t have to stress that your family is not protected while you are looking for a job. You can qualify for insurance coverage and health benefits while you look for your next job.
Group benefit plans are insurance policies that provide coverage to members of a particular group. Companies often provide such benefits to take care of their employees. Read on to find out how you can leverage group benefits in your business.
It’s a cliche to say that happy employees are productive employees, but it’s true: productivity drives new business to your firm and opens the door to continuous transformative change.
As an entrepreneur, you understand the importance of relationships. They make your business that much stronger and more profitable because they drive income and talent to your company.
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.
Accidents can happen, and they unfortunately do, sometimes with severe consequences. However, at The Shepherd Group, 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.
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 The Shepherd Group, we have Advisors who can find you the right Group Life Insurance Policy to suit your employees needs. Contact one of our advisors today or phone us at 1.844.249.1700!