Group term life insurance is typically provided by employers. By selecting the level of insurance coverage, you may personalise your benefits package while keeping expenses low.
As an employer, you have three options for protecting your staff:
This life insurance, which is directly administered by Canada Life, is available to employees at a more affordable group rate and may be taken with them if they quit their employer or lose their job. There are no additional administration needs or costs for you. Through our online tool, employees can enroll and pay with a credit card or pre-authorized debit. It is not possible to combine portable benefits with optional items chosen by the plan sponsor. For instance, Alex decides to launch their own firm after several years of working for another organization. After departing, individuals apply for Portable Benefits to keep their employee life insurance with Canada Life intact by simply continuing to pay the payments.
optional or voluntary coverage
Additional life insurance can be purchased by your employees at a group rate that is typically less expensive than buying it individually. As long as they desire to pay for premiums or until they are no longer an employee, employees can choose to do so at their own own.
Most group term life insurance plans offer a fixed amount of coverage for each employee (for instance, $10,000) or are determined by the employee's annual income (for example, 1, 2 or 3 times their annual salary). When an employee's employment with a plan sponsor ends, their coverage typically expires as well.