Group Life Insurance is usually part of a group health and dental program put in place by employers for the benefit and wellness of their employees.  Group life insurance can be a flat amount of $10,000, $25,000 or any amount pre-determined by the employer.  There are tax implications on premiums in some cases.  Group Life insurance can be a part of your personal financial plan.

A group life, health and dental insurance plan is key to attracting and retaining quality employees.

When you need a new player on your team, it helps to provide an employee benefits package that is better than your competitors. One way to do this is by offering valuable group life, health and dental insurance coverage.

Benefits for your business

A group insurance plan can be a flexible, affordable way to add real value to your total compensation package. In fact, for many employees, their benefits plan may be one of the reasons they stay with their current employer. A group life, health and dental insurance plan can help you to:

Attract high-quality employees

Boost morale, increase loyalty and reduce turnover

Promote a healthy work environment, improve productivity and reduce absenteeism

Deliver compensation in a tax-effective manner

Differentiate your company from your competitors

Term policies are temporary and provide death benefits only. Permanent policies accrue a cash value that can offer protection in your later years. The value of these policies can supplement your retirement income or pay for other unexpected expenses. Some life insurance policies offer flexible premiums and payouts.

Dependant Life Insurance

Generally, this benefit automatically provides coverage for the employee’s spouse and child(ren). The spouse is often covered for a flat amount of $10,000 and each child for $5,000.

Optional Life Insurance

An attractive provision being added to current plans these days is an option for a plan member to purchase additional amounts of life insurance for him/herself or his/her dependant life at competitive rates. Coverage is usually sold in units of $25,000. The employee pays the entire premium via payroll deduction.

If you have further query please contact Canada Insurance Plan.