Corporate and Groups

Group benefits offer coverage to employees of organizations and vary from plan to plan. There is a comprehensive array of benefits available such as health and dental, vision, wellness and disability, life and AD&D, retirement and savings products. The benefits to these plans are lower costs, no medical required and more coverage than available individually.

This is an important form of business insurance that protects the business from losses incurred upon the death or incapacity of the key person specified on the policy. The key person can be the owner or any person who is invaluable to the business.

Provides a monthly benefit for a businesses overhead expenses should the insured becomes disabled. The amount is based on the actual expenses of the business and is appropriate for small businesses.

If you are an employee with earnings of more than $150,000 per year an RCA (Retirement Compensation Arrangement) may be of benefit to you. RPPs, IPPs and RRSPs are based on the premise that the contributions levels will provide an adequate retirement. RCAs allow additional retirement funds and are tax-deductible for your company.

Group RRSPs allow employees to contribute to their retirement through payroll deductions and receive a tax break each time. Employers will often offer to match the contributions. Employers set up a pension fund “in trust” with a financial institution which pays you a certain amount each month after you retire. What you get is based on years of service and your income amount. You could also have the option of having your own separate bank account where your employer contributes a certain amount each year and you can choose how to invest the money.

Buy/Sell insurance is a disability product that protects the business value instead of income insurance for the business owner. If one of the partners becomes disabled, it gives the option of the other owner buying out their share of the business without having to use personal funds or business profits. As the value of your company increases, you want your amount payable to increase as well. This type of insurance is meant for partnerships and small businesses of two to five owners.