Help your employees plan for life’s hardest moments.
42% of Canadians have less than 6 months of living expenses saved – but 53% of plan members would be willing to pay more for extra coverage.
Helping your employees to purchase insurance that eases the financial burden of these life events – at a lower rate than if they’d purchased it individually – is 1 way you can support them through challenging circumstances
Canada Life offers 3 ways to make sure your employees are covered if the worst happens.
Base
Group life, accidental death and dismemberment and critical illness insurance can be offered at no cost to employees. You can customise your plan – and contain costs – by choosing from various levels of coverage.
Voluntary / Optional
Your plan members can choose to purchase additional coverage, at a group rate that is generally more affordable than purchasing it individually.
You select the products (optional life, optional critical illness and/or voluntary accidental death & dismemberment) and features to offer your plan members.
Members can enrol in these products using our traditional paper-based enrolment form and you coordinate payroll deductions for their premiums. This coverage terminates when their plan ends.
Freedom to ChooseTM life, critical illness and accident insurance
Administered directly by Canada Life, these are products that employees can take with them when they change jobs, while still paying a more affordable group rate – and there are no administration requirements or extra fees for you. The products and features offered are the same for all plan members.
Members will be able to enrol in life, critical illness or accident insurance through our online tool. Plan members pay via credit card or pre-authorized debit and the coverage stays with them even if they leave their employer plan. Portable benefits cannot be combined with plan sponsor elected optional products.
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Freedom to Choose™ insurance |
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No |
Are premiums deducted through payroll?
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No – member can pay via credit card or pre-authorized debit |
Does the coverage end when an employee leaves their employer plan? |
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How do plan members enrol? |
Paper evidence of insurability form |
Online enrollment tool |
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