Do You Need Individual Life Insurance?

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Canadians may need to rethink their risk management

In a recent study conducted by the Life Insurance and Market Research Association (LIMRA), it was reported that 61% of Canadians hold some form of life insurance.  Surprisingly, it also revealed that only 38% of Canadians own an individual life insurance contract.

In another study of middle class Canadians, Manulife reported that 79% had no individual disability insurance and 87% had no individual critical illness coverage.

What both of these studies conclude is that most Canadians rely heavily on their group benefits for their family’s insurance protection.  Read more

Employers tweaking corporate health plans to appeal to millennial workers

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Alexandra Posadzki, The Canadian Press

During his three-year tenure as a financial analyst at one of Canada’s biggest banks, Devon Wright never once used his company health plan.

“There was just nothing there that was of any interest to me,” says Wright, 28.

So when Wright quit his job in 2012 to launch technology company Turnstyle Solutions, he decided to create a benefits package tailored to his needs. Read more

What stops small businesses from offering benefits?

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A well-designed group benefits plan can be critical to attracting and retaining the right talent, as well as keeping employees healthy and productive at work.

But for small employers, offering a benefits plan is easier said than done.

While many small business owners want to provide their employees with some degree of coverage, obstacles stand in the way. As a result, many of the almost eight million Canadians who work at a small business are left without coverage, according to 2013 government stats. Read more

1 in 3 Canadians Will Become Disabled Before the Age of 65

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What you need to know about your Group Long Term Disability
Having a source to replace your earned income in the event of an illness or accident is vital considering that on average, 1 in 3 Canadians will become disabled for a period of more than 90 days at least once before the age of 65.  For those that are disabled for more than 90 days the average length of that disability is 2.9 years.

If you are one of the approximately 10 million Canadians covered under a group Long Term Disability plan (LTD) it’s important to understand what your coverage provides. Don’t wait until after you’re disabled to read the employee handbook, because you could have a few surprises! Read more

Workers unprepared for financial impact of disabilities

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Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.

In fact, 76% believe that should they become disabled and unable to work for three months, there would be serious financial implications for their family, such as significant debt or an impact on retirement plans, finds an RBC Insurance survey.

Despite the concern, only 27% have discussed how a disability would financially impact their family. This number does not increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a disability (33%).

Read more

 

Used with permission from Benefits Canada Magazine
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