Group Benefits

Traditional Group plans require participation of a certain percentage of eligible employees, usually only full-time employees working a specified number of hours are eligible.  The employer shares the cost of the coverage with the employees.  Coverage under a group plan will usually terminate when employment ceases, either by way of leaving for different employment or retirement. 

The coverage included is:

• Life insurance - provides your plan members with assurance that their families will be taken care of should they die suddenly or after a prolonged illness.

• Accident Death and Dismemberment Insurance- is an additional benefit that can be sold in conjunction with Life Insurance coverage.

• Disability insurance - is designed to replace lost income in the event plan members become totally disabled for a prolonged absence as a result of illness or accident.

• Extended Health - benefits help plan members and their dependents pay for medical expenses that aren't covered by their provincial plans.

• Dental - benefits help plan members and dependents pay for eligible dental procedures that are provided by a licensed dental professional.

• Group RRSP - plan typically offers the employee a choice of alternative investment choices for his or her contributions.  The mechanics of the plan are the same as those of an individual RRSP.  The benefit to participating in a group RRSP is that you receive the tax break right at source.  You pay yourself first even before the tax-man has a chance at your money.