Group Insurance Plans
Group Retirement PlansGroup Insurance encompasses coverage for individuals through shared affiliations like employers, associations, or alumni groups. It extends benefits, including health, dental, life, disability, and accident insurance to both group members and their dependents.
• Life Insurance
• Dental Insurance
• Health Insurance
• Accident Insurance
• Disability Insurance
• Travel Insurance
• Employee Assistance Programs (EAPs)
• Critical Illness Insurance
• Retirement Savings Plan
• Wellness Programs
• Aids in attracting and retaining skilled employees
• Enhances employee morale, productivity, and engagement as insurance will provide them financial security and peace of mind.
• Decreases absenteeism, turnover, and disability expenses as insurance encourages preventive care and early intervention.
• Group Insurances qualifies as tax deductible expense.
• Group insurance offers cost-effective and easily accessible coverage, filling gaps left by provincial health care plans and individual policies, benefiting employees and their dependents.
• It safeguards against the financial burdens of medical expenses, ensuring employees and their families do not face undue stress or hardship.
• Group insurance secures employees' income and assets, providing crucial support in cases of illness, injury, or death.
• Furthermore, it aids employees in planning for their future and retirement objectives, with savings and investment opportunities
▪ Small Group Insurance is tailored for businesses employing one to 50 individuals. These plans are typically off-the-shell packages from insurance providers with premiums determined by group size, age, and industry. They generally include fundamental coverage of health, dental care, life, short and long-term disability coverage, and EAPs.
▪ Large Group Insurance caters to companies with 51 or more employees, offering greater flexibility and customization to small group plans. Premiums are influenced by the group’s claims history and risk profile. Large group insurance provides extensive coverage, encompassing health, dental care, life, and disability insurance, EAPs, wellness programs, travel insurance, critical illness insurance, and retirement savings plans.
A Group Retirement Plan is initiated by employers as a workplace perk, boats tax-deductible contributions, and serves as a motivational tool for employees. Within these plans, employees’ contributions are channeled into predetermined investments featured within the plan, frequently with employers matching a portion of the contributions. This provides employees with a convenient avenue for saving toward retirement and other financial aspirations.
A Group Retirement Plan can be customized aligning it with your business requirements and your employee’s financial objectives. It also ensures their financial stability in the future.
1. Cost Reduction- It helps in cost reduction by potentially reducing employee turnover which in turn results in decreased expenses related to recruitment and training.
2. Tailored Solutions- Plans can be tailored within your budget to the unique needs of your business and employees effectively.
3. Employees Retention- These Retirement Plans are attractive, easy, and affordable options for the retention of employees. It helps to keep good employees loyal to the business for a lifetime.
4. Tax benefit- Few Retirement Plans may include the deduction of administrative fees as a legitimate business expense for certain products.
5. Payroll Savings- Contributions to a deferred profit-sharing plan may in some instances cut your payroll expenses.
6. Efficient Management- We simplify group retirement and savings plan responsibilities, ensuring compliance and ease of management.
1. Cost Savings- Group fees are typically lower than retail, enabling employees to retain more of their earnings.
2. Ease of control- Managing an investment fund is more straightforward than individually selecting stocks and bonds.
3. Lifelong Habits- Empower your employees to establish enduring financial, health, and wellness routines that serve them throughout life.
Purple Financial Services- your trusted Insurance Company in Canada is committed to providing top-tier protection.We are here to secure your today and tomorrow with the right insurance services.
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