Group benefits are an investment in your company and employees’ well-being

As a small business owner, you rely on your employees to help build your business. You have a great team behind you, so how do you protect your employees and build employee satisfaction and loyalty?

Offering wellness programs may be one way to retain employees, but over the long term may not be seen as important. Giving your employees a pay increase is another option, but is it the most cost-effective compensation method?

Group benefits are an investment in your company and employees’ well-being.

Consider a group benefits plan – an attractive overall compensation package. Health care and dental care benefits within your plan can help your employees bridge the gap between provincial health insurance and the coverage theyGroup Benefits to Attract and Retain Employees need.

Group benefits are an investment in your company and employees’ well-being. At any time, employees may be dealing with mental health concerns, serious illnesses, and physical ailments or finding the right work-life balance. These issues can lead to reduced productivity, growing absenteeism, disability, rising costs, and workplace accidents. Group benefits are a key element to building employee satisfaction, improving morale and can help support the physical, mental and financial needs of your organization and your employees.

According to a 2015 Sanofi Canada Healthcare survey, 77 per cent of respondents say they would not move to a job that did not include health benefits1.

Attract valuable employees

An employee benefits plan can help you maintain a competitive position in the marketplace by helping you retain good employees and attract new ones.

A group benefits plan is an important part of your business’s financial security plan. Flexible and innovative benefits plans – featuring benefits like health care, dental care, disability and employee and family assistance plans – can be tailored to fit the specific needs of your company, whether it’s large or small.

Talk to me about the options available and how you can add value to your business.

15 Advantages of Offering Group Benefits to Employees

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
  • Desjardins

Additional services I provide

Plan design and implementation

  • Work with you to design a group benefits plan that suits the needs of your corporationGroup Benefits
  • 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

Plan reviews

  • 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

Additional services

  • Retirement planning
  • Life insurance planning
  • Critical illness protection
  • Disability protection
  • Educational saving
  • Mortgages
  • Estate planning
  • Savings plans

15 advantages of group benefits

  1. Life insurance and disability insurance can provide a corporate policy in the event of an employee’s death or injury/illness.
  2. Accidental death and dismemberment benefits can provide a lump sum payment to help ease changes in lifestyle as well as unexpected deaths.
  3. Provides 24-hour coverage for all benefits, including disability insurance.
  4. Health and dental coverage helps keep medical costs down for plan members.
  5. Provides out-of-country emergency care for business or pleasure, so the need for individual travel insurance is reduced.
  6. Drug coverage is available by submission of receipts or through convenient pay-direct drug cards.
  7. Employee assistance programs provide 24-hour counseling services.
  8. Employees get guaranteed levels of coverage without having to submit medical evidence.
  9. Conversion privileges are available for both life and disability insurance products, in some cases.
  10. Less expensive than a raise because there are no additional increases in CPP, EI or WCB payments, and premiums can be tax-deductible.
  11. Helps attract and retain key employees.
  12. Can increase productivity, morale and the quality of employees’ work.
  13. Healthier employees reduce turnover and absenteeism.
  14. Employees and employers receive benefits without having to belong to an association, where membership fees are usually required.
  15. 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.

Did You Know: Group Benefits Insurance Plans

As a business leader, you can ensure your valued employees have the needed protection for themselves and their families with a group benefits plan.

Did you know that these plans:Employee Benefits

  • Are available to companies with as few as 3 employees?
  • Cost about 3–6% of annual payroll?
  • Are fully tax-deductible?
  • Offer diverse coverage for your employees and their dependants?
  • Are able to pay an employee who is unable to work due to injury or illness?

Developing the right group benefits plan for your employees starts with the right advice. Don’t lose your best talent to the competition.

  • Develop a plan that is cost-effective and tailored to your specific needs
  • Look at the marketplace to ensure your plan is placed with the right provider
  • Conduct employee meetings to review the benefits provided
  • Enroll the group and set up administrative procedures
  • Service your group plan and all your business needs

Find out how I can help you grow your business by attracting and retaining the best. Give me a call 519-860-4223 to see how your business can benefit from group insurance.