Group Benefits Plan

A company group benefit plan shares the financial risk of health related expenses among the group of employees, under one contract, who pay into a fund or pool.

When a employer has a Group Benefits Plan in place for their employees, any member of the group who becomes ill or requires services is financially compensated by the plan according to the terms laid out in the contract between the employer and the insurance company.

Family members of employees are also covered under the plan as specified by the contract.

Advantages to Providing a Group Benefits Plan
to Your Employees

  1. a competitive edge in the job market.
    You attract and retain employees, which helps minimize costs associated with high turnover.
  2. access to insurance at a reduced cost
    compared to most health and dental individual insurance plans. Group plans do not discriminate and are not anti-selective, offering all participants the same benefit plan.
  3. a cost effective method to protect employees.
    Increased productivity and higher morale by providing financial security and support to employees.
  4. a tax effective form of compensation.
    Most premiums an employer pays are tax deductible as a business expense.

We have some more Group Benefit Plan tips for you.

  1. Which plan is best for you, individual or group?
    Have a look at advantages and disadvantages of both individual benefits coverage and group benefits plans!

  2. Group Insurance - Five Tips to Maximize Employee Benefits
    The cost of employee benefit plans has risen dramatically. It is crucial you work with an independent broker who specializes in employee benefit plans.

  3. Unique Characteristics of Group Insurance Providers
    The group benefit marketplace in Canada is sophisticated and competitive. The following summarizes some of the differences between group carriers in Canada.

  4. Questions to Ask Your Existing Group Benefits Broker
    We've compiled a list of questions you should ask to make sure your Group Representative is really looking after your best interests.

  5. Why choose LSM Insurance for your employee benefit needs?
    Deciding on the right benefit plan starts with choosing the right broker. This is why LSM Insurance is the right choice for your employee benefit needs.

  6. Group Insurance: Getting the best value
    Qualified independent group benefit specialists use this knowledge to make recommendations that produce the best group benefit value.

  7. Group Insurance and Health Care Spending Accounts
    Health Care Spending Accounts are an affordable way for employees to get health care without incurring any additional out-of-pocket expenses.

  8. Group Insurance in Canada: Are You Paying Too Much?
    You can utilize the following five strategies to help keep your Group Insurance premiums affordable.

  9. Health, Dental and Life Insurance in One Package from the Canadian Freelancer Union
    The three insurance plans offered to the members of the Canadian Freelance Union.

  10. The Four Major Reasons for Getting a Group Benefit Policy
    Are you an employer? Now you can attract and retain your employees by signing up for a Group Benefit Plan, which is a cost effective method of protecting them.

Also check out what policies Canadian life insurance companies have to offer:

Signup form for Group Benefits report

 

A company group benefit plan shares the financial risk of health related expenses among the group of employees, under one contract, who pay into a fund or pool.

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What Clients Say

Real & Dorothy Duteau
Real & Dorothy Duteau

LSM Insurance team was highly recommended for our insurance needs and our first meeting confirmed what we were looking for: integrity, honesty, competency and affordable products.

Also throughout the process, the LSM Insurance team kept us informed on the status of the application and was involved in clearing all obstacles. This is what we really appreciated, as his follow-up was 110%.

With this kind of service and dedication, there is no doubt that we will be with LSM Insurance for the rest of our lives.

Mario Mavrides
Mario Mavrides

I have been a client of LSM Insurance for three years and have been extremely happy with his service.

Their approach is straightforward and is time friendly. It’s a great feeling to know I have a first rate professional looking after my insurance and financial needs.

Arthur
Arthur Balaniuk

LSM Insurance was referred to me by a close friend.

I had spoken with several insurance people prior to meeting with LSM team and I was very impressed with their straightforward approach.

I am very pleased with the plan he set up. It’s easy to see why they have become so successful and I would not hesitate to refer others looking for insurance and investment solutions to LSM Insurance.

Maher Rizkalla
Maher and Salwa Rizkalla

We have been clients of LSM Insurance for over nine years, and we have always found LSM team very responsive to all our insurance and financial needs.

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Michael
Michael

Hello,

Is it possible for me, as a member of my company’s group health insurance plan, to obtain additional health benefits from a different supplier. The Group insurer has low limits on some extended health items for which I would like to have better access.

pat
pat

I wanted to know if their is any disadvantages of group insurances?

Debbie
Debbie

I took out optional life insurance on my former husband through my group life insurance plan at work many years ago. I now have a new spouse (I do not wish to take out optional life insurance on him), and have him covered on my Dental Plan through Manulife as a spouse, can my employer terminate the Optional Life Insurance I took out on my former husband (with my children as the beneficiaries) due to the fact he is no longer my spouse?

Charles Genereaux
Charles Genereaux

Hi I received a memo from Empire Life about signing up for Direct Deposit but I am having trouble registering for it online. Thank You Charlie

Sheri
Sheri

Can you explain the concept of co-insurance and how it works with my existing group plan? Thanks …

Ian
Ian

How many employees are needed to set up a group plan and do you get a better rate per person on larger companies

John Hewitt
John Hewitt

Have recently signed on for Health Benefits though my employer Guy J.Bailey LTD but have not received any policy number or any kind of information. Payments have been taken from my pay and was wondering if iam covered. Please send me a email as for i am busy through out the day

Lloyd G. Knight
Lloyd G. Knight

I am doing some research for a client. Do you have any short-term disability plans, i.e. paid sick leave or weekly indemnity benefits, if an employee is unable to work because of illness or injury. The plan should qualify for the EI Premium Reduction Program, which reduces the Employers portion if such a plan is implemented. How would the rates be calculated on such a plan?

Anything you can do to help would be appreciated. Contact me at (905) 642-6420 or reply by e-mail. Thank you.

Lloyd G. Knight