To help your employees prepare for life’s what-if moments, you can offer extra coverage from your group plan: Portable Benefits.
What happens if one of your employees has to modify their home to make it accessible for them after an accident? What if they develop a critical illness? Would their family be able to keep their home if the employee died?
Many Canadians rely on their workplace benefit plans as their only source of coverage for things like life insurance. Many don’t even have access to coverage like that through their plan in the first place. And others have it only as an option.
No one likes to think about these things, but life happens and it’s better to be prepared. To help your employees prepare for life’s what-if moments, you can offer extra coverage from your group plan: Portable Benefits.
What is Portable Benefits?
Portable Benefits makes optional group insurance coverage available to employees who are members of your group benefits plan without your business having to pay for it or do any of the administrative work. Members keep their coverage even if they leave their group plan or if the plan ends. It goes where they go.
Members can choose from:
- Portable life insurance
- Portable critical illness insurance
- Portable accidental death and dismemberment (AD&D) insurance
How does it work?
Members buy it directly from Canada LifeTM online, and Canada Life takes care of everything. Members can buy Portable Benefits when it’s convenient for them, even if that’s at three in the morning.
Members get the power of the group with generally lower fees than individual coverage. They can get coverage for their loved ones, too.
- Life coverage up to $500,000
- Critical illness up to $250,000
- AD&D up to $250,000
- $25,000 life and critical illness coverage for only the member with no questions asked
As long as the member is younger than 65 and part of a Canada Life employer group plan, they and their eligible dependents can apply.
Let’s get started
I can help you get started on the Portable Benefits path. Contact me today to find out how you can help your employees.
Canada Life and design are trademarks of The Canada Life Assurance Company.