Assumption Life Employee Benefit Plan

As the competition for attracting and retaining top talents gets tougher, the take-up of employee benefits plans is increasing by the day. This trend is not surprising, given the following facts:

• 60% of employees cite the benefits package as a key factor in accepting a job offer.
• 92% believe a solid benefits package is essential for job satisfaction.
• 32% value employee benefits as much as salary.
• 80% would choose additional benefits over a pay increase.

While most businesses (if not all) recognize the importance of taking good care of their employees, finding a benefits plan your employees will love without overshooting your budget can be quite the hassle. If you are in the market for a robust yet affordable employee benefits plan, Assumption Life could be an option. It offers a range of options and gives you the freedom to tailor your plan to your employees’ needs. Read on to find out the key features of the Assumption Life employee benefit plan and whether it is a right fit for your company and employees, providing financial security and a comprehensive benefits package.

Overview of Assumption Life Employee Benefits

Assumption Life offers a wide range of employee benefits designed to meet the diverse needs of Canadian businesses and their workforce. With over 115 years of experience in the insurance industry, the company has established itself as a trusted provider of group insurance solutions. Their plans aim to provide financial protection, security, peace of mind, and improved health outcomes for employees, helping employers attract and retain top talent. Health and wellness are also central to their offerings.

The portfolio includes products such as group health insurance, dental coverage, life insurance, disability insurance, and critical illness protection.

A key advantage of Assumption Life’s approach is its boutique style. Experienced account leaders and advisors collaborate with employers to understand their specific needs and develop tailored solutions. This personalized service distinguishes Assumption Life from larger, less individualized insurance providers.

In addition to comprehensive plans, Assumption Life provides value-added services, including a mobile app and online portal for easy claims submission and plan management. Their dedicated customer service team is available to support both employers and employees.

Overall, Assumption Life’s offerings present a compelling solution for Canadian businesses seeking to provide comprehensive financial protection and peace of mind for their workforce.

Assumption Life Employee Benefit Plan details

Assumption Life employee benefits plan provides financial protection and peace of mind by protecting your employees, as well as their family, from unexpected occurrences, like medical emergencies, through a comprehensive group benefit plan. The plan offers five types of coverage, but gives you the freedom to pick and choose the benefits you want. This flexibility ensures a comprehensive benefits package tailored to your needs.

Here are the key options and features of the Assumption Life employee benefits package:

Group life insurance

Assumption Life group life insurance gives your employees peace of mind about the financial security of their dependents if something happens to them.

The following types of coverage are available:

• Life insurance: If a covered employee passes, their beneficiary will receive a lump sum to help replace loss of income.
• Dependent life insurance: It covers the dependents of your employees, such as their spouse and children. It pays your employees a cash benefit in the unfortunate event that one of their dependents passes away.
• Optional Coverage: Employees can purchase additional coverage if basic insurance isn't sufficient for their family's needs, increasing the death benefit amount. Premiums depend on factors like age, salary, and smoking status, and are typically deducted from paychecks on an after-tax basis.
• Accidental death and dismemberment benefit: It provides financial benefits when an employee is in a covered accident that results in death or specific injuries such as paralysis or the loss of a limb, hearing, speech, or eyesight.

Group Health Insurance

Group health insurance from Assumption Life covers health expenses not covered by provincial and territorial health plans. The following coverages are available:

• Prescription drug
• Hospitalization
• Travel insurance
• Vision coverage

Additionally, preventive care is also included to help maintain overall health and well-being.

In addition to these, your employees will have access to the Novus Health Second Medical Opinion. It allows them to obtain second opinions from a world-class network of medical experts following the diagnosis of a serious or life-threatening health condition.

Group Dental Coverage

Group dental insurance plan covers basic dental expenses, contributing to overall oral health. For dental expenses not included with the group plan, there’s a Cost Plus option.

For a detailed benefits summary, including specific limits and coverages, please refer to the plan documentation.

Group Disability Insurance

Assumption Life group disability insurance includes the following coverages, among others:

• Short-term disability insurance: It provides income replacement to employees if they are temporarily unable to work due to illness or injury. Generally, the payout period for this short-term disability insurance is anywhere between three and six months.
• Long-term disability insurance: It provides income to employees who are too injured or ill to work for an extended period of time. This long-term insurance provides coverage that can last from five years up to retirement.
• Critical illness insurance: It provides a one-time, fixed benefit if an employee is diagnosed with a covered critical illness.

Costs and Pricing

The cost of Assumption Life’s employee benefits plan will vary depending on a range of factors, including the size of the organization, the demographics of the employees, and the level of coverage chosen. Assumption Life works with employers to create a customized benefits plan that meets their unique needs and budget.

On average, the cost can range from 5% to 15% of an employee’s base pay, depending on the level of coverage chosen. Assumption Life’s pricing is competitive with other insurance providers, and the company offers a range of options to help employers manage their costs.

Assumption Life’s costs and pricing are designed to be transparent and flexible, allowing employers to choose the level of coverage that best suits their needs and budget.

Plan Administration and Support

Assumption Life is committed to making the management of your group benefits plan as seamless as possible. The company offers comprehensive plan administration and support services, including plan design, implementation, and ongoing administration. Experienced account leaders work closely with employers to understand their unique needs and provide personalized support, ensuring that the benefits plan aligns with the company’s goals and employee needs.

Assumption Life also provides a suite of online resources and tools, making it easier for employers to manage their plans and make informed decisions. This robust support system ensures that your group benefits plan runs smoothly and efficiently. Additionally, Assumption Life focuses on administrative efficiency to further streamline the management process.

Plan Design and Customization

Assumption Life’s group benefits plan is designed to be flexible and customizable, meeting the unique needs of each organization. Employers can choose from a range of flexible coverage options and features to create a plan that aligns with their business goals and budget. The plan design and customization options include:

• Health insurance: Employers can select from a variety of health insurance options, including coverage for prescription drugs, vision care, and medical equipment. This ensures that employees have access to essential health services.
• Dental insurance: A range of dental insurance options is available, covering routine cleanings, fillings, and crowns. This helps employees maintain their oral health without financial strain.
• Life insurance: Employers can choose from different options, including basic, optional and dependent life insurance. This flexibility allows for tailored financial protection.
• Disability insurance: Employers can select from short-term and long-term disability coverage options. This ensures that employees are supported financially if they are unable to work due to illness or injury.

Plan Enrollment and Participation

Enrolling in Assumption Life’s employee benefits plan is a straightforward process that can be completed online or through a paper application. Employees will need to provide some basic information, including their name, date of birth, and social insurance number.

Once enrolled, employees will have access to a range of benefits, including life insurance, health insurance, dental insurance, and critical illness insurance. Employees can also choose to add optional coverage, such as additional life insurance or disability insurance.

Assumption Life’s plan enrollment and participation process is designed to be easy and convenient, allowing employees to quickly and easily access the benefits they need.

Plan Flexibility and Portability

Assumption Life’s employee benefits plan is designed to be flexible and portable, allowing employees to take their benefits with them if they leave their current employer. This means that employees can continue to receive the benefits they need, even if they change jobs or retire.

Assumption Life’s plan flexibility and portability features include:

• Conversion to individual policies when leaving employment: Employees can convert their group benefits to individual policies, ensuring continuous coverage.
• Portability of benefits to a new employer: Employees can transfer their benefits to a new employer, maintaining their coverage without interruption.
• Ability to add or remove coverage as needed: Employees can adjust their coverage based on their changing needs, providing them with greater control over their benefits.

Assumption Life’s plan flexibility and portability are designed to provide employees with peace of mind, knowing that they will have access to the benefits they need, no matter what changes they may experience in their careers.

Employee Benefits and Support

Assumption life employee benefit plan offers a comprehensive range of employee benefits and support to help employees manage their health, well-being, and financial security. With a focus on providing personalized solutions, Assumption Life’s employee benefits program is designed to meet the unique needs of each organization and its employees.

Some of the key employee benefits and support offered by Assumption Life include:

• Life insurance coverage: Assumption Life insurance offers a variety of policies, including individual life insurance and group life insurance, to provide employees with financial protection and peace of mind. These policies ensure that employees’ loved ones are financially secure in the event of their passing.
• Critical illness insurance: Assumption Life’s critical illness insurance provides a tax-free lump sum payment to employees who are diagnosed with a critical illness, such as cancer or heart disease. Critical illness insurance helps cover medical expenses, lost income, and other related costs, allowing employees to focus on their recovery.
• Health insurance: Assumption life employee benefit plan helps employees manage health expenses, including prescription drugs, medical equipment, and travel insurance. This comprehensive coverage ensures that employees have access to necessary medical care without financial strain.
• Short-term disability: Assumption Life’s short-term disability insurance provides employees with income replacement benefits if they are unable to work due to illness or injury. This coverage ensures that employees can maintain their financial stability during their recovery period.
• Employee assistance program: Assumption Life’s employee assistance program provides employees with access to counseling services, financial planning, and other support resources to help them manage work-life balance and personal challenges. This program is designed to support employees’ overall well-being and productivity.

Employer Benefits and Support

Assumption Life also offers a range of benefits and support to employers, ensuring that they have the tools and resources needed to attract and retain top talent. These benefits and support services are designed to enhance the overall value of the group benefits plan for both employers and employees.

• Group benefits plan: Assumption Life’s group benefits plan provides employers with a comprehensive range of benefits, including life insurance, health insurance, and disability insurance. This plan helps employers attract and retain top talent by offering a competitive benefits package that meets the diverse needs of their workforce.
• Benefits summary: Assumption Life offers employers a detailed benefits summary, outlining the key features and benefits of their group benefits plan. This summary helps employers understand the value of the plan and communicate its benefits to their employees effectively.
• Tax efficiencies: Assumption Life’s group benefits plan offers tax efficiencies, including tax-deductible premiums and tax-free benefits. These tax advantages help employers manage their costs while providing valuable benefits to their employees.
• Mortgage loans: Assumption Life offers mortgage loans to employers, which can be used to finance business expansion or other business needs. This additional financial support helps employers invest in their business growth and development.
• Accidental death and dismemberment benefit: Assumption Life’s accidental death and dismemberment benefit provides employers with financial protection in the event of an employee’s accidental death or dismemberment. This benefit ensures that employees and their families are supported during difficult times.

Overall, Assumption Life’s employee benefits and support program is designed to provide employees with the financial protection and peace of mind they need to thrive, while also providing employers with the tools and resources they need to attract and retain top talent.

Why is an Employee Benefits Plan important?

Preferences have switched in the last few years, with new employees finding value in non-monetary perks that improve their well-being. According to a survey, 80% of employees prefer additional benefits over a pay hike.

Here are the top 5 reasons why your business needs an employee benefit scheme:

• Helps attract (and retain) top talent
• Boosts overall employee productivity
• Improves employee engagement and job satisfaction
• Helps improve employee well-being
• Provides tax-efficient compensation

Conclusion

Employees want more than just a paycheck; they want to feel valued in their work. A good employee benefits plan can go a long way in making your employees feel valued and appreciated. Assumption Life offers a robust benefits plan and gives you, the employer, the flexibility to create a customizable benefit package.

Dundas Life will work with you and help you design an employee benefit plan tailored to the unique needs of your business and employees. Book a call with one of our advisors today.

Frequently Asked Questions (FAQs)

Can you customize the Assumption Life Employee Benefits Plan?

Yes at Dundas Life, we can help you tailor your Assumption Life Benefits plan to your company’s and employees’ needs.

What is the maximum number of employees that can be covered under Assumption Life Employee Benefits plan?

There is no limit on the number of employees that can be covered. No matter the size of your organization, Assumption Life can provide you with group insurance products, such as life insurance, health and dental insurance, and disability insurance.