Employee Benefit Plans

Employee Critical Illness Insurance

Employee Critical Illness Insurance Employee Life & Health: Critical Illness Insurance Critical Illness Insurance is offered to groups of employees, allowing employers to provide enhancements to their existing benefits package, dependent upon rate of employee participation. This insurance covers additional expenses that employees may be faced with in the event of diagnosis and survival of a critical illness. Critical Illness Insurance provides the financial and emotional support required when an employee is faced with a critical illness, and is paid in one lump sum, even if they fully recover or never suffer a loss of income. Offering Critical Illness Insurance in your benefits package also bodes well for employers in the following aspects: Gives employers a competitive advantage: a unique approach that will make you stand out Creates a value-added employee benefit program and makes employees themselves feel valued Develops new opportunities by working with your existing client base Provides more comprehensive solutions…

Group Term Life Insurance

Group Term Life Insurance Employee Life & Health: Group Term Life Insurance Group term life insurance is essentially the same as individual one year renewable term insurance except it is sold on a group basis. It provides a lump-sum death benefit payable to the employee’s designated beneficiary in the event of the employee’s death from any cause while insured. Group term life insurance may be provided for employees in a number of forms – basic (usually a predetermined flat amount), supplemental, and optional life insurance. Several limits are used in determining the amount of group life insurance. These limits are the nonevidence maximum (NEM), and the overall maximum (OM). The NEM limit is the maximum amount of insurance that is provided without the employee being required to submit medical evidence of good health. The OM is applicable to the combined amount of insurance up to and in excess of the NEM. It represents the maximum amount of life insurance the insurance company is prepared to issue on any one…

Employee Assistance Programs

Employee Assistance Programs Employee Life & Health: Employee Assistance Programs Employee Assistance Programs start with prevention, allowing employers to avoid certain costs before they even start. These programs are employer-sponsored and provide counselling to employees and their loved ones to assist in resolving or coping with personal problems confidentially. Through Employee Assistance Programs, employees learn to target the personal, social, and stress-related issues that can all too often lead to illness and absence. Why should I offer an Employee Assistance Program? Employee Assistance Programs help employees with a number of issues that impact well-being and performance, such as stress, financial problems, marital problems, child care problems, elder care concerns, delinquent children, bereavement, impending retirement, and more. Employees going through difficulties in their personal lives are prone to increased absenteeism and reduced productivity. They also suffer more serious on-the-job accidents. This…

Employee Wellness Programs

Employee Wellness Programs Employee Life & Health: Employee Wellness Programs Employee Wellness Programs educate employees about lifestyle habits and health risks, as well as promote and provide health and fitness programs. These programs are designed on the basis of prevention, which results in lowered costs for employers since it costs an employer much less to educate than it does to pay for the costs associated with preventable injury and sickness.     Wellness Programs aim to create a workplace culture that supports and encourages the adoption of a healthier lifestyle. Health and fitness initiatives are designed to improve employees’ health, resulting in happier and more effective workers. This reduces absenteeism and benefits costs and it also improves employee morale and productivity. Why should I implement an Employee Wellness Program? Employee Wellness Programs promote employee health awareness, reducing sickness and injury, which translates to less money that you’re losing (in terms of paying benefits…

Employee Dental Care

Employee Dental Care Employee Life & Health: Dental Care Dental Care insurance covers the cost of eligible dental expenses for the employee and their dependents. While dental coverage is optional for each company, keep in mind that maintaining healthy teeth and gums is essential, with more and more research showing that problems with dental health can affect the overall state of one’s health. If you do offer dental coverage, it must remain in force for at least two consecutive years and all insured employees must participate. What is covered? Employees and their families are covered for both preventative and restorative dental. Preventive Dental: Minor extractions Periodontics are covered for two hours of work each year Pit and fissure sealants for individuals ages 19 and under Space maintainers for children ages 12 and under X-rays, fillings, standard checkups, and cleanings are covered once every nine months Restorative Dental: Anaesthesia Crowns Bridgework Dentures Drug injections Laboratory procedures…

Employee Disability Insurance

Employee Disability Insurance Employee Life & Health: Disability Insurance In the event of a disability, often times personal savings, loans, or spousal income do not provide sufficient financial resources to meet the necessities of daily life. Disability Insurance products ensure that employees will have a source of income to fall back on should they become disabled. Typically, large groups offer a richer benefit plan than what the smaller groups offer, and they tend to have less cost sharing with employees for disability premium. Employer-sponsored disability programs are usually comprised of the following three parts: Sick leave plan: covers casual absences Short term disability (STD) plan: pays for short term claims of up to 6 months, or sometimes even a full year Long term disability (LTD) plan: provides salary replacement after the STD period, which is usually to age 65 and even beyond Both short and long term Disability Insurance are available for employers to include in their employee benefits package. Long…

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