How Does Group Term Life Insurance Affect Payroll Costs in Canada?

One of the most effective ways to retain top talent is to offer them a competitive benefit package. Not only will a robust employee benefits program make employees more satisfied and less likely to leave your company, but it may also save you the headache of defending a wrongful dismissal lawsuit or a lawsuit for workplace safety or other unforeseen mishaps.

What are the best options for your company?

The first step is analyzing your current coverage levels and making sure you’re getting the most for your money. You can do that by comparing your existing group how does group term life insurance affect payroll costs in canada term life insurance to the competition and choosing the right plan for you.

You’ll also want to look for the best rates on group term life insurance from a trusted source such as our team of experts. They can help you get the most out of your group term life insurance coverage and save you a bundle on your next premium payment. The group term life insurance comparison tool makes it a breeze to compare rates from multiple insurers at the click of a button.

The Canadian business environment has changed dramatically over the past few decades. Many companies now offer their employees a wide range of benefits to help them retain their workforce and increase productivity. Providing a variety of employee benefits not only attracts and retains talented people, it also helps to improve a company’s bottom line.

Employers provide a number of different types of group benefits to their employees, including health and wellness plans, which can help to ensure that their staff are living healthier lifestyles and are less likely to suffer from expensive medical expenses in the future. One of these types of benefits is group term life insurance, which can be offered at very competitive rates to help ensure that your workforce is properly covered in the event of a serious accident or death.

Depending on the type of group term life insurance you’re offering, your employees may be able to purchase additional coverage through payroll deductions or during open enrollment periods. The amount of coverage available varies from employer to employer and depends on the individual’s age and health status.

1. Basic Coverage – Employees automatically qualify for this type of coverage as long as they meet the eligibility requirements, such as having been an employee for at least six months.

This type of insurance typically covers one or two times the employee’s annual salary and is often provided for free or at reduced rates. The employer decides whether the coverage is based on the employee’s earnings or a flat amount.