Group Insurance Plans


Group insurance is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance. People must belong to the group for reasons other than for the purposes of obtaining insurance. In other words, people belong to the group not because they possess some high-risk factor which makes them more apt to purchase insurance; instead they are in the group for reasons unrelated to insurance, such as all working for a particular employer.

Group Health Insurance can be bought by any legally formed group of people for genuine commercial or not-for-profit purposes. Following groups have the highest uptake:

  1. For-profit Companies
  2. Associations
  3. Education and Medical Institutions
  4. NGOs

Group policies are also attractive to people because the average price per policy is often lower. Carriers are interested in gaining customers and will cut prices a bit to accommodate members of group. Data shows that, for example, drivers save 29% on average by attaching themselves to a group policy. The policy is issued in the name of the Master Policy Holder who will share the details of all employees on a regular basis with the insurer so that at any point in time only those in active employment are covered. Therefore, a member of the group is generally eligible to purchase or renew coverage all whilst he or she is a member of the group subject to certain conditions.
In Canada group insurance is usually purchased through brokers because brokers receive better rates than individual companies or agents. Some of the benefits available are: preferred group rates, flexible payment options, 24/7 claims response, as well as other valuable advantages.

Group Insurance Plans

Every company, association or an NGO is unique. So, the group insurance plan has to be unique too, specially designed in accordance with your group’s nature of business and functionality. Plans may include:

  • group life insurance
  • extended health care benefits
  • dental care benefits
  • vision care benefits
  • prescription drugs benefits
  • disability benefits
  • critical illness benefits
  • accidental death and dismemberment benefits
  • basic and optional life insurance benefits
  • travel medical insurance and more.

Group Life Insurance

Life insurance is a vital part of preparing for the future – a future that is financially secure for loved ones. Group life insurance helps protect your employees and their families against the loss of income when an employee dies. The advantage for the policy owner is “peace of mind”, in knowing that the death of the insured person will not result in financial hardship for loved ones. Life insurance can provide a lump-sum, tax-free cash benefit that can:

  • Replace lost income
  • Pay off your mortgage
  • Provide money for college or university fees
  • Cover funeral costs, final income taxes and other expenses

Insurance companies offer a wide range of group life insurances policies, benefits, and terms. There are some life policies that offer the flexibility to make changes as your needs evolve. There are a few types of life insurance to choose from:

  • Affordable term life insurance that is easy to purchase
  • Permanent life insurance to help you plan for the longer term
  • Universal life insurance, which allows you to build towards future wealth, while keeping your assets protected for your family’s future
  • Personal accident insurance, which helps protect you and your family from the financial consequences of a fatal accident

Group Extended Health Insurance

Dental and health insurance is a key component of any group benefit plan that helps you to pay for professional services that are not covered by OHIP. Most of the extended health group insurance plans provide affordable coverage for unexpected health expenses and many ongoing health-related services not covered by OHIP. Depending on your drug, dental, and supplementary health needs (such as vision care, chiropractic care or emergency travel medical). Generally, an extended health insurance policy can include the following benefits:

  • Prescription drugs (A prescription drug is a licensed medicine that is regulated by legislation to require a medical prescription before it can be obtained. The term is used to distinguish it from over-the-counter drugs which can be obtained without a prescription.)
  • Dental care benefits may include minor restorations, gums treatment, root canal therapy, crowns, dentures and bridges, replacements when the existing appliance is five or more years old, posts, pins and denture-related surgery.
  • Vision care
  • Medical supplies, such as diabetic and incontinence supplies
  • Transportation to and from medical appointments, and
  • Assistive devices, including hearing aids.

Group Critical Illness Insurance

Critical illness insurance offers help paying costs associated with life-altering 25 illnesses including:

  • Alzheimer’s disease
  • Blindness
  • Cancer
  • Coronary artery bypass surgery
  • Deafness
  • Heart attack
  • Parkinson’s disease
  • Stroke

The coverage ranges from $25,000 up to $2,000,000 and can be for 10 years, to age 65, to age 75, or to age 100 (permanent coverage). It is available to people ages from 18 to 65. The premium will be returned to you if you do not claim after 10 years or by age 75. Critical illness insurance provides a tax-free lump-sum payment should you become seriously ill usually 30 days after a person is diagnosed with an insured illness. It helps the person maintain their financial standing, while getting the best treatments possible. It also doesn’t affect person’s ability to work if they are still able and want to. There are no any conditions as to how you use the funds.

Long Term Care for a Group of People

Long-term care services may include:

  • nursing care
  • rehabilitation and therapy
  • personal care (help with activities of daily living such as dressing, eating and bathing)
  • homemaking services (cleaning, laundry, preparing meals)
  • having another person there to watch over you and help you when and where you need it

Long-term care can be provided:

  • at home
  • in the community
  • in assisted living facilities
  • in nursing homes.

Accident Insurance

Losing a loved one due to an accident is particularly difficult because it’s so sudden and unexpected. It is often a loss that does not make sense. We realize that life is not always fair and that sometimes bad things happen to good people. The sudden death leaves us feeling shaken, unsure and vulnerable.

Accidental death and dismemberment insurance provides valuable financial protection for your employees – and is very affordable. Accidents – we’ve all had them. Some are minor and easily healed; others are life-altering. Accident insurance can help ease the financial strain of day-to-day expenses and help your loved ones maintain their standard of living, should a fatal accident happen to you. Top insurance companies offer accidental death policies which are:

  • Affordable: premiums start as low as a few dollars per month.
  • Easy to apply: no medical or physical exam is required.
  • Flexible: you can choose the amount of coverage that is right for you and your budget, from $25,000 to $250,000.

Group Disability Insurance

If you were suddenly unable to work and had less money coming in – plus additional money going out to cover medical expenses and other bills related to your disability – where would the money come from to replace your lost income? A serious illness or sudden accident can happen in an instant – leaving you unable to work and earn money. While your other health insurance can help with the medical bills, you may need disability income protection insurance to help replace lost income. If you lost your ability to earn an income, you could also lose the lifestyle you have created for yourself and your family.

Travel Medical Insurance for a Group of People

It is an essential benefit for those whose work associated with frequent business trips or just personal trips. Support and coverage in case of medical emergency situation during the trip is guaranteed in any part of the world.

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Business Protection Insurance packages

“We used Olga’s expertise to insure and protect business interest of our company. She also provided us with a very valuable financial advice that benefited our company greatly. Thanks a lot!”

Donald Simpson
Business Owner, Allstar Catering

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