Looking to Add Flexibility to Your Group Benefits Plans?

Aug 25, 2014

We hear more than ever that employees are asking for choice or flexibility when it comes to their benefits program. One of the ways to offer choice without administrative complexity is with voluntary benefits, such as optional life insurance, AD&D and critical illness for the employee, spouse, and dependent children.

Both optional life insurance and AD&D can be purchased as additional insurance to the group plan through the insurance provider. Combining the basic coverage of group life insurance and AD&D with these two optional insurance allows the employee to customize their coverage to meet their unique financial obligations in the event of an unforeseen death of either themselves, their spouse or their dependent children.

Optional life insurance and AD&D can provide:

• Income to maintain your family’s current lifestyle
• Money for your children’s education
• A way to cover final burial expenses
• A charitable cash donation
• A non-taxable cash gift to your designated beneficiary

Optional critical illness insurance can also be offered as part of the group benefits plan for the employee, spouse and dependent children. This insurance provides an extra layer of financial protection with a one-time, lump sum payment, should they be diagnosed with a covered critical condition, such as cancer, heart attack or stroke and survives it for a specified period of time.

Proof of good health is required at time of application for all optional insurance and the coverage can be converted within 31 days, should the employee leave the company. Pricing is based on age, gender, smoking status and the amount of coverage, which is usually in units of $10,000 up to a certain maximum. The premiums are almost always 100 per cent employee paid and are usually deducted directly from the employee’s paycheque on a monthly basis.

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