Many employee benefits plans come with personal life insurance. The amount of life insurance that is provided is usually up to each individual employee at the time that they create their benefits policy.
Short-term disability provides wage loss protection to employees who are not capable of working due to illness or injury. Most short-term disability insurance plans are offered by employers but if one isn’t provided, one can be purchased through an insurance company. In most benefits plans, short-term disability begins once an individual’s sick days have expired or have been depleted and can remain in effect for between 6 and 12 months. Most short-term disability benefits pay between 60 and 100 percent of your pre-illness income. Most Canadians can apply for Employment Insurance Sickness Benefits once their short-term disability benefits have lapsed or move on to long-term disability of they have such a plan in place.
Long-term disability plans usually provide 50 to 90 percent of your pre-illness income for up to a period of 2 years. Most long-term disability plans require an individual to expend all their short-term disability benefits and Employment Insurance Sickness Benefits before beginning their long-term disability.
Short-term and long-term disability insurance replaces lost income during times of leave but does not provide any reimbursement for medical expenses incurred while an employment is away from their position. Critical Illness insurance provides a more-simplified way to meet financial needs in times of medical illness and disability. Some conditions that could be covered by Critical Illness are as follows:
Discovery | Understanding the objectives and purpose of your benefits offering is important in making sure it meets the needs of your organization and your people. As your culture and needs evolve, so does your benefit plan.
Consultation | Once we’ve discovered the dangers, opportunities, and strengths of your current benefits strategy, we develop a plan to address each of those areas and build a plan that provides unique benefit enhancements while reducing your overall costs.
Management | Implementation, monitoring and managing your plan all add to the cost of your benefits. Our management strategy focuses on the total cost of your benefits, not just the sticker price. We can reduce your long term costs by managing the price you pay for your plan, and the administration costs associated with running it.
Educate & Engage | Knowledge is power, and that couldn’t be truer for benefits. Having employees that are educated and engaged with their benefits will help control claim costs, while improving employee satisfaction and wellbeing.
Use the Technology Available | We are a unique firm that is able to leverage today’s technology to create superior benefits plans. Through decades of benefits experience we have developed exclusive insurer relationships and tech that saves money and futureproofs your benefit plan.