Well-managed Group Benefit Plans are vital in aiding employee retention and morale. All employees are able to participate in group plans without discrimination, offering a cost effective, tax effective way to protect and compensate employees.
Obtaining a quote to establish a Group Benefit Plan or for your existing plan is easy. Establishing a new Group Plan or switching Group Plan providers can be relatively simple and result in savings into the thousands and can actually improve the Group Benefit Plan overall!
Many Group Benefit Plans cost a great deal more than need be.
Corporation X, a medium sized Canadian Corporation had its Group Plan placed with a major Insurance provider and the company’s broker was a long-time friend of the majority shareholder. After an independent review of the Group Plan by a broker who specialized in Group Benefit Plans, a number of interesting inefficiencies were discovered. In recent years at renewal time, when the annual premium would go up significantly, the broker had simply responded by suggesting that the Corporation either place limits on certain aspects of the coverage or eliminate areas of coverage altogether. In spite of this the broker who performed the review was able to reduce the annual premium cost by close to 20% resulting in 10′s of thousands of dollars in savings. As an added bonus Corporation X was able to keep its Group Benefit Plan with the existing Insurance provider. Finally, Corporation X was able to restore Long-Term Disability as part of its Group Benefit Plan.
Is it time to have your Group Benefit Plan confidentially reviewed by a Group Insurance Specialist?