Businesses can purchase insurance plans that protect their members. Group Insurance plans cover a group of individuals who have one insurance policy. Members covered by the insurance policy are collectively known as a “Group.’
Groups may be of two kinds:
1. Groups of Formal (Employer-Employee)
It includes members of professional associations and companies. The employer purchases the insurance plan covering the group’s members in this case.
As employers, Your employees are your most significant assets. You want to ensure that you bring the top talent to your company and keep them in the current fast-paced workplace. To show your employees that you appreciate their loyalty and dedication, you should provide them with benefits.
Our Group Insurance Plans offer unique tools to retain employees to meet the protection needs of your employees and the need to save. These plans will give your employees as well as their families financial security. They can also assist them with taking care of their retirement needs. Furthermore, you will have an opportunity to earn a return on the obligations you have to fulfill, like gratuities.
2. InformalGatherings (Non-employer Employees)
It includes holders of the same credit card and members of the same social or cultural group. The group administrator purchases the insurance policy that covers all organization members.
As a group administrator of a non-employee-employer group, you would want to secure the members of your organization and their loved ones. You’ll want to protect yourself against the inability to pay loans or creditors on credit cards in banks and financial institutions.
The Group Life Insurance Plans cater to your requirements by providing the security of a Life Insurance Cover that protects your business’s employees and their loved ones. If you are a manager of an institution of finance, These plans protect you from non-payment of loans and credit card loans if the unfortunate incident involves the debtor.
What Are the Advantages That Come with Group Insurance Plans?
With Group Plans, you will enjoy various advantages. Below are some advantages of selecting the Group Plan with Ottawa Life Insurance:
- You are eligible for tax benefits* on premiums you pay in this Group Insurance plan
- These plans provide you with a chance to protect members of your group
- These plans could get utilized to give incentives to members of your company
- Employers can meet the legal requirements and make money on them.
To learn more about us, call Ottawa Life Insurance at (613) 454-1424 or contact us at info@ottawa-lifeinsurance.ca.
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