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Are You Overpaying On Group Benefits? As Insurance Brokers, We Work For You, the Business Owner, Not the Insurance Companies

We Shop the Market to Get the Best Coverage at the Best Price!

"As a broker I will design your benefit package with you and then send it out to numerous companies for quotes.  I then analyze the results and advise you as to which insurance company best suits your needs at the best price."

Customized Group Benefit Plans with the most Comprehensive Coverage
Superior Service and the Lowest Premiums
When was the last time that you saw your insurance agent?

A Group Benefit plan is a good employee retention program.

With Babyboomers retiring in the next 5-10 years, there will be a labour shortage. Benefits are a great way of attracting & retaining employees. Benefits help meet competition in the labour market, especially when seeking employees who already enjoy group insurance benefits elsewhere. Benefits help improve the employee compensation package. Companies without plans may not even know why employees leave their business, but often they leave because of a lack of a benefit plan.

Does my company qualify for Group Benefits?

Companies with 3 full time employees qualify for a group benefit plan. Typically though, Group Benefits become affordable for companies with 5 or more employees.

If you have fewer than 3 employees see: Health Spending Accounts

What do Group Benefits cover?

Group benefit plans can be customized and can include:

  • standard dental
  • paramedical (which would be your chiropractor and massage, etc.)
  • life insurance (which can be a flat amount or 1 or 2 times an employee's salary)
  • travel insurance
  • ambulance ride or air ambulance
  • semi-private room in a hospital
  • hospital drugs
  • a prescription component: prescriptions can be a drug card or a reimbursement
  • AD&D (accident, death and dismemberment)
  • disability (long term and short term, depending on the industry)

Do I Need a Physical to be covered for the life insurance portion of a Group Benefit Plan?

No. Unlike individual life insurance plans where you need to qualify and may be declined because of poor health and/or personal bad habits such as being over weight, etcetera, with a group benefit plan you don’t need to qualify for life insurance. You will get life insurance through your group benefit plan immediately and without a physical. You are limited as to the amount of coverage you can get, but it is a way of getting life insurance if you don’t otherwise qualify.

As an employer, what percentage of the plan do I have to cover?

There are different ways of funding Group Plans. Companies can pay up to 100%, but they have to pay at least 50%. A 50/50 split is very common. However, some products like disability (short and long term) and accidental death or dismemberment are optional and these portions of the policy should be paid directly by the employee simply because if they pay for it, they can collect it tax free. If the company has paid for the disability and the AD&D on their own then it is a taxable benefit to the employee or to the employee's estate when it is claimed.

Are premiums tax deductible as a business expense?

Yes. Premiums paid by the employer are tax deductible as a business expense.

What are some of the advantages to the employees of having a Group Benefit Plan?

  • Adds financial security
  • Some group life and disability contracts allow conversion to individual/personal contracts without medical evidence
  • No need to use after-tax money to purchase various types of insurance policies
  • Insurance is less expensive to obtain through a group plan than in the individual insurance market
  • Access to products that may not be available in the individual market

Superior Service
Let ICC Educate You on Different Coverage Scenarios, Help You Determine the Best Plan for Your Specific Situation, Shop the Market with the Different Insurance Companies, 
And Get the Best, Custom Coverage for You at the
 Lowest Premium

Greg Garcia

ICC provides Calgary Elite Roofing with great services at a very reasonable price. We are actually using group source for our company benefits plan. The process was really easy. Sid was very informative and has a really good understanding of the insurance industry. He will simplify the process to provide the services you need “a la carte”. Always considering your needs, he will stretch your dollar like nobody in the industry.