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Group benefits are health and wellness coverage purchased by employers as a package for their employees. Premiums are split between employer and employees, with the employer paying their share and deducting the employee portion through payroll.
Individual insurance is bought one person at a time at retail prices. Group insurance is bought once for everyone, with risk spread across the team. Same coverage, ~50% less cost — and family members often included at no extra charge.
Supplements provincial health: prescription drugs, dental, vision, paramedical (physio, massage, chiro). Plus group life, disability, and critical illness coverage. Employee Assistance Programs cover mental health, counseling, and legal support.
Employer picks a carrier and plan design. Employees enroll (most plans need 70%+ participation). The insurer bills monthly premiums; you deduct the employee share via payroll. Employees file claims through an app or portal; reimbursement is by direct deposit.
Plans renew annually. Premiums adjust based on your group's actual claims experience and industry trends. Group composition (ages, demographics, occupations) affects pricing. At renewal you can adjust the plan: drop low-value coverage, add high-impact ones, raise or lower employee contributions.
Basic plan: ~$45/employee/month covers prescriptions, paramedical, vision, $5M travel medical. Premium tier with extensive dental, full drug coverage, and EAP: ~$130/employee/month. Most insurers require the employer to pay at least 50% of total premium.
While every group benefits plan is unique, the average plan typically covers:
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Premiums and the death benefit remain the same throughout the policy term.
The term lasts one year. You can renew the policy at the end of the term. Each year you’ll pay more than the previous one. ART policies are best for covering short-term debt obligations. For example, if you have a car loan but plan to sell it in the near future, an ART policy offers an affordable way to protect yourself within this period.
The death benefit decreases over time, while the premiums usually remain unchanged. People buy decreasing-term life insurance to cover a specific debt, like a mortgage, though we prefer life insurance.
You don’t need a medical exam to get coverage, though you may have to answer a few health-related questions.
Group term life insurance is a policy that is available for free or at a low cost through your work. It is an excellent option to consider if your workplace provides it.
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