GROUP LIFE INSURANCE
Group life insurance is generally provided for all active, full-time employees. It provides term financial compensation in an event of the plan member's death. The plan sponsor may choose either a flat benefit amount or a percentage of one's salary.
Rates are revised annually and are based on the group's demographics.
GROUP ACCIDENTAL DEATH & DISMEMBERMENT (AD&D)
Accidental Death and Dismemberment (AD&D) is usually sold in conjunction with group life insurance. AD&D is a lump sum payment if death is the result of an accident, or it provides payments for injuries sustained or loss of use of certain body parts or faculties (for example, sight) as a results of an accident.
The amount of coverage is usually equal to the amount of life insurance selected by the plan sponsor.
GROUP DEPENDENT LIFE INSURANCE
Employees enrolled for basic life insurance are often allowed dependent life coverage, should they have eligible dependents. Those that would be considered eligible dependents for coverage purposes are defined as the employee's spouse and/or unmarried children within a certain age bracket. This benefit provides the plan member financial compensation in an event of the death of their spouse/dependent children.
The amount of coverage is usually a modest flat amount, with the dependent child amount normally being half the amount of the spouse's.
GROUP SHORT-TERM DISABILITY (STD)
Also referred to as "weekly indemnity" or "weekly income" (WI). STD is designed to compensate a plan member for income lost as a result of a short-term absence from work due to accident or sickness.
The amount of coverage is usually a percentage of earnings.
GROUP LONG-TERM DISABILITY (LTD)
Also referred to as "monthly indemnity", LTD is the most common method of providing extended income replacement to plan members who are disabled and unable to work due to prolonged injury or illness.
The amount of coverage is calculated based on a flat percentage of earnings or a graded percentage of earnings.
GROUP EXTENDED HEALTH CARE (EHC)
Also referred to as Supplementary Health Care or Major Medical, EHC plans are generally designed to supplement existing provincial health care plans by helping plan members and their dependents pay for medical expenses that are either not covered by the provincial plan/when the provincial plan coverage has been exhausted.
Extended Heath Care benefits can include a broad array of benefits such as:
- Drug coverage
- Medical supplies and equipment
- Hospital coverage
- Out of province/country coverage
- Vision care (among others benefits)
GROUP DENTAL CARE
Dental Care Benefits provide comprehensive dental services and supplies for plan members and their eligible dependents, generally grouped into basic (routine) care, major restorative, and orthodontic services.
The amount of coverage is defined as a yearly maximum.