Life Insurance provides your employee’s loved ones with the financial protection they may need in the event of the employee’s death. Should a claim be made, the employee’s named beneficiary will receive a tax free payment which can help ease the hardship the family may face during this difficult time.
Dependent Life Insurance is also available for your employees. This supplemental Life Insurance will provide a lump sum payment to the employee to cover funeral expenses/lost income etc. in the event of the death of their spouse and or dependent child(ren).
AD&D coverage mirrors the Life Insurance benefit. In the event of an accident causing death or life altering injury, (i.e. loss of limb, loss of sight), benefits are paid out in addition to the members Life and Disability coverage.
Disability Insurance is an income replacement plan. When an employee is unable to work due to a sudden illness or injury, Disability Insurance can help put your employee’s mind at ease knowing they will have access to income while they are not actively at work.
Probably the most well-known component of Group Insurance, Extended Health coverage picks up where the provincial plan leaves off and provides your employees with a wide range of affordable health insurance options. CHRISTY INSURANCE AGENCIES LTD., will work with you to tailor an Extended Health Care plan specific to the needs of your employees.
Within an Extended Health plan, coverage options may include:
Dental coverage is predominantly broken down into three different categories of coverage:
Critical Illness Insurance provides a one-time lump-sum payment to an employee to help pay costs associated with a life-altering illness such as cancer, heart attack, or stroke. The odds of surviving a Critical Illness are better than ever thanks to medical advances, however, this health crisis can involve financial challenges such as expenses for home modifications, travel for treatment, and home care etc. The benefit proceeds of a Critical Illness policy can be used to cover any expenses arising from the illness or even fund a well-deserved vacation following your recovery.
Health Spending Accounts are a flexible and cost effective way that provides reimbursement of health and or dental related expenses for treatment costs not covered under regular group or provincial health plans. There are two types of spending accounts available: Health Care Spending Account (HCSA) and a Taxable Spending Account (TSA). Both spending accounts offer members the flexibility and convenience of covering costs not covered under the regular health or dental plan, however, there may be tax advantages associated with a HCSA not found with a TSA.
As an employer you may be faced with unique situations of employment where you have Canadian employees temporarily working outside of Canada or alternatively, have employees that have recently moved to Canada as a temporary, new, or returning Canadian resident and therefore potentially lacking basic medical coverage.
For employees that are working abroad, their provincial coverage is only valid for a certain period of time. Any extended work placements abroad, either in the United States or overseas, may warrant extended coverage ensuring they have adequate coverage while temporarily working and residing in their ‘host’ country.
By the same token, employees that have recently moved to Canada may not have medical coverage for themselves and or their families. Fortunately, however, there are alternative plans available to ensure employees have a level of coverage equal to the provincial Medical Services Plan during their waiting period.
Employee Assistance Programs provide your employees with private and confidential one-on-one counselling and support when life’s challenges make it difficult to concentrate at work. Whether an individual is dealing with an aging parent, bereavement, or addiction, there is a range of counselling services available to members and their dependants.
An employer sponsored Group Retirement and Savings Plan is often essential when looking to recruit and retain valuable employees. Group Retirement and Savings plans are similar to an individual RRSP but are administered on a group basis by the employer. Investment decisions are made by the employee and the options available are similar to those found in individual RRSP plans.
There are virtually no set up fees for a Group Retirement and Savings Plan and the cost to the employer is determined by the annual matching contributions the employer makes on behalf of its employees.
As an employer of choice, offering a competitive Group Benefits package to your employees is just one way you can show your employees that you care. A group plan can also aid in employee retention by providing employees and their families with the protection they may need. Offering a Group Benefit plan may also provide your business with tax advantages.
Group Benefits can be complex with many different benefit options and carriers to choose from. At CHRISTY INSURANCE AGENCIES LTD., we are committed to assist you in creating and sustaining a valuable plan for your employees.
Some of the plan design features commonly used in an employee benefit package are shown here.