Group Insurance for Business/Sole proprietor, Canada

Group insurance is a form of insurance that offers the same level of protection to all members of group under one plan, regardless of their gender, age, economic status, etc. The dependents (like spouse, children ) of the covered members are also insured as an option under this insurance. Business owners are strongly encouraged to get this insurance because it provides the most benefits to their employees. Additionally, in comparison to other insurances, the benefits offered are far better vis-à-vis the premium amount.

Group insurance covers from a single employee to a large number of people under a single plan, The business owners, self-employed people, proprietors of small shops, cab drivers, can also be insured under Group Insurance. People insured under Group Insurance plan, who travel outside of their province for work purposes are also covered under this plan. To put it simply, group insurance can be acquired and used by even a single person or we can say that group insurance policy can be enjoyed by small businesses as well. Moreover, no matter the size of the group, everyone is covered by the same plan under group insurance. Life insurance, accidental death & dismemberment are mandatory benefits of the Group Insurance plan. As an optional benefits, dependent life insurance, critical illness, weekly indemnity, long term disability, employee & family assistance program are also covered.

• An employee is insurable if they are under the age of 70 and working a minimum of 24 hours each week
• All participants must be full-time and engaged group members

Characteristics of Group Insurance:

• The burden on a single person is subsequently lessened As long as individuals are members of the group, they are protected. If an individual leaves the company or are no longer eligible for group insurance by any means, then, the cover ends
• The group manager receives a master policy in the group's name
• A group can include both employers and employees
• A group insurance plan offers standardised coverage at affordable premium rates since the risk is divided among many people. This indicates that each group member receives the same level of coverage

Benefits of Group Insurance Plan:

The insurance policy can be insured even if the business only has one employee; therefore, it can be used by self-employed people, entrepreneurs, and cab, taxi, truck drivers and many more.

Companies with a sizable personnel base might greatly benefit from group insurance. All employees will be covered by this single group insurance policy. Additionally, each employee will be required to pay a lesser premium.

Individuals are also eligible for 90-day travel benefits ($5 million per trip) under this group insurance.

People, especially those who go outside of the province, benefit greatly from group insurance. This insurance policy will insure their present and future.

The Group insurance plans also ensures unlimited prescription drug coverage and no national formulary drug restrictions.

The benefits of life insurance are also covered by group insurance, so beneficiaries will receive coverage after the plan matures, or, in the event of an accident resulting in death or dismemberment, their families will be covered under this plan.

Group insurance also covers the advantages of 100% extended health coverage, such as hospital coverage, drug protection, medical equipment and supplies, healthcare services, and coverage outside of a province.

For Employers:

• Robust Group benefit plans help recruit skilled employees
• Skilled employees help businesses grow faster
• Employers become more attractive in competitive job markets
• Employers with good benefit plans will retain their employees longer, hence reduce the business expense which can occur on losing a skilled employee
• Employer contributions are not a taxable benefit if structured properly
• Premium paid for health and wellness benefits reduces additional payroll cost

For Employee

• Group benefits allow employees to have necessary health treatment with affordable coverage
• Coverage via an individual plan is not as affordable
• Benefit plans helps employees and their dependent stay well
• Employee are able to better manage health and wellness cost
• Employee receives the full tax free benefits of the plan

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With our experience and a proven track record of financial strength and stability, we have been able to serve Canadians’ financial needs effectively.

Bawa Financials serves you and provide you excellent services. You must be aware of what each form of insurance covers and how it functions in order to make the best purchasing decision. Consider the benefits before making a choice.