Group broker services
A group insurance broker acts as an intermediary between the client and insurer. The group broker’s responsibility is to match those seeking group benefits with insurance companies that most closely meet the client’s needs.
Group brokers can seek the group benefits plan best suited for their client, from a variety of sources.
In this situation, Freedom 55 Financial, a division of London Life Insurance Company, is a subsidiary of Great-West Life – the market leader in group benefits plans nationwide.
While I’d recommend Great-West Life as a provider of group benefits solutions, they may or may not be the best fit for your company. My responsibility is to work with you to find the right fit.
Companies whose group benefits products I can offer include:
- Great-West Life
- Manulife Financial
- Sun Life Financial
- Green Shield Canada
- Standard Life
- Equitable Life
- Empire Life
Additional services I provide
Plan design and implementation
- Work with you to design a group benefits plan that suits the needs of your corporation
- Solicit quotes from group benefits suppliers that best meet your organization’s needs
- Engage in a full review of each quote to establish the best fit for your company
- Annual review of service rates, employee changes and industry or government developments
- When appropriate, I will take your group benefits plan to market to make sure the rates and benefits continue to be competitive
- Strategic approach to market comparisons
Ongoing consultation and support
- When necessary, I’ll hold employee meetings to communicate and refresh your group benefits material for new and existing employees
- Answer questions and handle concerns regarding claim payments
- Help ensure payments are handled efficiently
Individual employee consultations
- Individual consultations for every employee and their family, if requested
- Opportunity for your employees to discuss important personal and specific planning needs and to understand how their group benefits plan integrates with their individual financial security plans
- Convenient, flexible, no-cost consultations
- Retirement planning
- Life insurance planning
- Critical illness protection
- Disability protection
- Educational saving
- Estate planning
- Savings plans
15 advantages of group benefits
- Life insurance and disability insurance can provide a corporate policy in the event of an employee’s death or injury/illness.
- Accidental death and dismemberment benefits can provide a lump sum payment to help ease changes in lifestyle as well as unexpected deaths.
- Provides 24-hour coverage for all benefits, including disability insurance.
- Health and dental coverage helps keep medical costs down for plan members.
- Provides out-of-country emergency care for business or pleasure, so the need for individual travel insurance is reduced.
- Drug coverage is available by submission of receipts or through convenient pay-direct drug cards.
- Employee assistance programs provide 24-hour counseling services.
- Employees get guaranteed levels of coverage without having to submit medical evidence.
- Conversion privileges are available for both life and disability insurance products, in some cases.
- Less expensive than a raise because there are no additional increases in CPP, EI or WCB payments, and premiums can be tax-deductible.
- Helps attract and retain key employees.
- Can increase productivity, morale and the quality of employees’ work.
- Healthier employees reduce turnover and absenteeism.
- Employees and employers receive benefits without having to belong to an association, where membership fees are usually required.
- Group benefits are an investment in a company’s well-being, rather than an expense.
Other group benefits solutions for a diverse workplace
In addition to the standard products covered under a group benefits plan, there are a number of other healthcare benefits that are available to meet the growing needs of the Canadian workforce.
Provincial health insurance replacement coverage
For companies who look outside of Canada to enhance their personnel, this product is designed to temporarily replace provincial health coverage until the plan member and their dependants are eligible for government coverage.
Coverage for U.S.-based employees of a Canadian organization
This coverage is available for U.S.-based plan members who reside full-time in the United States. It includes a full complement of benefits, from life insurance to full health and dental coverage.
Coverage for Canadian organizations with employees working abroad
Coverage is available for expatriates, including rotational workers and third-country nationals, who are plan members of Canadian organizations working outside Canada or the United States. It also includes a full complement of benefits, from life insurance to full health and dental coverage.
Employee assistance plans (EAPs)
A healthy workforce is essential in maintaining an edge in today’s competitive marketplace. An employee assistance plan can help your plan members and eligible family members cope with difficult personal situations before they spiral out of control.
An employee assistance program can help prevent absenteeism, reduce stress and poor emotional health and enhance workplace effectiveness.
Group critical illness insurance
Statistics show the chance of contracting a serious illness is more common than most people think. The financial support offered by group critical illness insurance allows plan members who become critically ill to focus on recovering and managing their illness.