Group life insurance
Group life insurance as part of a benefit plan allows our clients to help plan members provide for family and financial obligations in the event of the unforeseen. In the event of a covered claim, this coverage helps the employee to focus on recovery by providing a lump sum, tax-free benefit that is on top of any other benefits paid through the Equitable Life group benefits plan.
By offering employer-sponsored life insurance as part of a group benefit plan and providing plan members with the option to purchase additional optional employee life insurance, our clients can help ensure that their employees hold the right amount of Life coverage to meet their specific and unique financial obligations.
What is Optional Life Insurance?
Optional Life Insurance can be purchased by eligible Equitable Life Group Benefit Plan Members. Optional Life Insurance provides additional protection to top up the Employee Group Life Insurance coverage you have through your Equitable Life Group Benefits Plan.
Accidental Death and Dismemberment (AD&D) Insurance
Most Canadians are not prepared for the financial devastation that can accompany an unforeseen accident. By providing your plan members with AD&D coverage you can help protect them and their loved ones against the impact of a covered accident. AD&D benefits can also include bereavement, child and funeral expense benefits that are specifically designed to help your plan members' loved ones in the event of a fatal accident.
Group critical illness through Equitable Life
Being diagnosed and surviving a serious illness can often be only the beginning of very serious challenges for plan members. Significant expenses such as special medications or alternative treatments that may not be covered by regular health insurance benefits can cause plan members to be more worried about expenses and obstacles instead of their return to health and work.
That is why Equitable Life of Canada partners with the Chubb Insurance Company of Canada to offer our groups the option of adding group critical illness insurance.
Group critical illness can raise employee satisfaction, resulting in improved productivity and employee retention. In the event of a claim, this coverage allows the employee to focus on recovery by providing a lump sum, tax-free benefit, in addition to any other benefits paid through their Equitable Life group benefits plan.
Group critical illness is not offset against other benefits and can help protect recovering plan members and their families from financial stress after a serious illness. It can also protect their employer's bottom line by potentially facilitating a quicker return to work.
Group critical illness insurance through Equitable Life is underwritten by Chubb Life Insurance Company of Canada ("Chubb Life").