Employee Basic Life Insurance

Life insurance is a key element in most group insurance programs with the cost either paid entirely by the employer or shared between employer and employees.

Coverage may be a multiple of earnings, or a flat amount. Most often, the insurance company will provide an amount of coverage without evidence of insurability. The larger the group, the greater the amount of coverage that will be issued without evidence of insurability.

Most plans provide a conversion option whereby the plan member, on termination of employment, may convert all or part of his coverage to a personal plan without evidence of insurability. This is a very attractive feature for a person who could not get insurance on an individual basis.

In case of disability, coverage will remain in effect without payment of premium. 

Dependant Life Insurance

Generally, this benefit automatically provides coverage for the employee’s spouse and children. For example, the spouse might be covered for a flat amount of $10,000 and each child for $5,000.

Optional Life Insurance

An attractive provision being added to current plans these days is an option for a plan member to purchase additional amounts of life insurance for him/herself or his/her dependant life at competitive rates. Usually, coverage is usually sold in units of $25,000. The employee pays the entire premium via payroll deduction.

The challenge for employers is getting the best rate from a number of options. That's where BFL CANADA's expertise comes in. We'll conduct an analysis of the demographics and obtain quotes to ensure that you get the maximum coverage at a cost you can afford.