Fifteen Advantages of Group Benefits

By Admin   2017/08/21

  1. Life insurance and disability insurance can provide a corporate policy in the event of an employee’s death or injury/illness.
  2. Accidental death and dismemberment benefits can provide a lump sum payment to help ease changes in lifestyle as well as unexpected deaths.
  3. Provides 24-hour coverage for all benefits, including disability insurance.
  4. Health and dental coverage helps keep medical costs down for plan members.
  5. Provides out-of-country emergency care for business or pleasure, so the need for individual travel insurance is reduced.
  6. Drug coverage is available by submission of receipts or through convenient pay-direct drug cards.
  7. Employee assistance programs provide 24-hour counseling services.
  8. Employees get guaranteed levels of coverage without having to submit medical evidence.
  9. Conversion privileges are available for both life and disability insurance products, in some cases.
  10. Less expensive than a raise because there are no additional increases in CPP, EI or WCB payments, and premiums can be tax-deductible.
  11. Helps attract and retain key employees.
  12. Can increase productivity, morale and the quality of employees’ work.
  13. Healthier employees reduce turnover and absenteeism.
  14. Employees and employers receive benefits without having to belong to an association, where membership fees are usually required.
  15. Group benefits are an investment in a company’s well-being, rather than an expense.