Group Life Insurance
Empower your workforce and secure their future.
Group life insurance is an important component of your total compensation package, giving your employees the comfort of knowing their loved ones will receive financial support to help them cope during a difficult time.
Your guide to group life insurance.
Group life insurance is an employer-provided policy that offers staff a financial safety net for their family in the event of their death.
Your organization will purchase and manage the group life insurance policy on behalf of your employees. Your participating employees will list the beneficiaries who will receive the death benefit should they pass away.
Providing group life insurance benefits your employees and your organization:
- For your employees – Peace of mind that their dependents and loved ones will be financially protected if they die.
- For your organization – Recruit and retain loyal employees with comprehensive and affordable group life insurance.
Find our benefits advisors across Canada.
Get in touch about your group life insurance plan by phone or in person at your nearest location.
Explore our group life coverages.
Regardless of the size of your company, Acera Benefits can assist with designing, implementing, and managing your group benefits plan, ensuring that your employees are well protected, no matter what happens.
Term Life Insurance
Group life insurance is term life insurance, which is re-priced annually based on the average age of your staff. The benefit is set up either as a flat amount or a multiple of annual salary.
Guaranteed Coverage
Depending on the number of employees in your organization, employees may not have to complete a medical questionnaire or exam guaranteeing they can provide financial protection for their families.
Affordable Coverage
Because the cost is based on the average age of the staff, this protection tends to be much more affordable than purchasing an individual policy.
Why choose Acera Benefits for your group life insurance?
Acera Benefits brings decades of experience designing and administering benefits solutions for hundreds of client organizations across Canada.
Independent & Employee Owned
We are committed to building strong, lasting relationships and always operate with our client’s best interests at heart.
Tailored Solutions & Complete Coverage
We build customized solutions to protect your most important asset— your people. We provide clarity, confidence and certainty for our clients.
Seamless Extension of Your Team
Acting as an addition to your team, we deliver cost-effective programs that truly align with your goals along with direct access to personalized support.
Helpful tips from our benefits advisors.
Our Acera Benefits advisors are here to help you understand your group life insurance policy and can answer any questions you may have.
Answering your most common questions.
What is the benefit amount for a group life insurance policy?
Your organization can define the benefit amount based on your budget as well as the needs of your employees. Typically, however, the benefit is equal to one to two times an employee’s salary, up to a defined maximum amount.
Our knowledgeable group life insurance brokers can provide guidance on defining the death benefit for your organization’s policy.
Who qualifies for group life insurance?
Group life insurance providers typically only offer coverage for individuals who are under the age of 70. Beyond that, your organization will get to determine who is eligible for your group life insurance policy. For example, you may want to offer the coverage only to full-time staff who have completed their probationary period.
Also keep in mind that coverage is tied to your staff’s employment. This means they will no longer be covered under your group life insurance policy if they leave your organization or are terminated.
One of our expert group life insurance brokers can help you determine employee eligibility based on your budget and staffing levels.
What will group life insurance cost?
The cost of group life insurance will vary from business to business. This is because insurers factor the risk level of the group as a whole, including considerations such as:
- the ratio of women and men – women tend to live longer than men
- employees’ ages – older individuals tend to present a bigger risk
- the type of work involved – some jobs present a higher risk of death
It’s important to keep in mind that a group life insurance cost may change at the annual renewal depending on any staffing changes. Our specialty group life insurance brokers can help your business create and manage a policy based on your goals, staffing levels and budget.
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