personal insurance FAQs
how much life insurance do i need?
This depends on so many factors and why you want life insurance in the first place. A quick way to determine the amount needed is to multiply your income by 10 and add any outstanding debt.
how does return of premium on Critical Illness Insurance work?
The return of premium option allows you to receive 100% of your premiums back after a certain number of years, typically 15, when you cancel the policy without making a claim.
employee benefit FAQs
Can I customize a group benefits plan to meet my company’s needs?
Yes, group benefits plans can be customized. Brokers typically offer a range of options for coverage, including flexible plans that allow businesses to add or remove certain benefits based on employee preferences and company budget. You can choose from different levels of health insurance, dental care, and other benefits to build a plan that suits your workforce.
Are group benefit plans tax-deductible for my business?
Yes, the contributions your business makes to a group benefits plan are generally tax-deductible as a business expense. Additionally, employees’ premiums are often deducted pre-tax, which can reduce their taxable income. It's best to consult with an accountant to ensure compliance with tax laws specific to your jurisdiction.
can i get life insurance if i’ve had cancer?
If you've had cancer, you may be eligible for life insurance under certain conditions. Factors taken into account include:
The type of cancer
The number of years since your last treatment
how much does disability insurance cost?
You can expect to pay around 1-3% of your annual income on disability insurance. Example, if you earn 50,000 a year your annual disability premiums would be between $500-$1500.
What is the difference between fully insured and self-insured group plans
A fully insured group plan is one where the employer pays a fixed premium to an insurance company, which then assumes all the financial risk for claims. In a self-insured plan, the employer takes on the financial responsibility for claims and typically hires a third-party administrator to manage the plan
How do I ensure my employees understand and utilize their benefits?
Effective communication is key. Your broker can help you organize educational sessions, webinars, or informational materials to explain the benefits and how employees can make the most of their coverage. Ongoing support, such as providing a benefits handbook or offering a contact for assistance, can also encourage employees to use their benefits more effectively.