Group Life Insurance
Like the name implies, Group Insurance was designed to insure classes of people rather then covering specific individuals.
This type of Insurance covers with mass protection against death, accident and sickness.
Those covered under a group policy are not named by individual name, but are defined as members of a 'class'.
Some initial questions you might have about starting Group Insurance for your organization. Whether your company is big or small...Group Insurance is a wonderful benefit to provide your employees with.
How long does it take to get coverage?
Once your application has been approved and all enrolment forms have been received and your first months premium has been paid, coverage usually commences on the first day of the next month.
Do we all have to have Medical Exams?
Unless a very large amount if insurance is purchased, Medical evidence is not required for standard group benefit insurance packages.
How do we pay?
The easiest way is to have pay the Insurance company by a pre-authorized payment plan. Another option is to have them invoice you monthly.
Which Insurance company should we use?
As a licence Insurance Broker, Greg Baxter can get quotes for you from many leading Canadian insurance companies that offer group benefits such as:
- Desjardins Financial
- National Life
- IA Pacific