Advantages of CBIA Group Insurance Plans – employer provided benefits
Canada’s first group insurance policy was issued in 1919, and since then, the growth has been spectacular. Today, many Canadians are covered by group benefit insurance programs.
The demands and requirements of the workforce are ever changing and so too is the insurance marketplace with new products that are being introduced to more closely meet the needs of today’s employers and employees.
The CBIA Bar Group Employee Benefits program is designed exclusively for small law firms and offers advantages typically reserved for much larger employers.
Employer advantages for the Canadian Bar Group Benefits Plan:
- Reducing costs by attracting and helping to retain valuable employees, reducing turnover costs
- Tax deductible business expense
- Costs are comparable and often more competitive
- Easy to install and administer plans
- Helps employers meet the moral obligation of assisting the families of disabled or deceased employees
Employee advantages for the Canadian Bar Group Insurance Plan:
- No (or minimal) added monthly costs to employee
- Non-taxable employee benefit – premium amounts paid by the employer are not a taxable benefit to the employee (except for life insurance premiums)
- No health (medical) evidence is required for companies over five lives
- Dependent family members are fully covered
- Conversion privileges to personal insurance, upon termination (some restrictions apply)
Employer-sponsored benefits are a valued source of financial protection for millions of Canadians, but even a quality group benefit package may contain coverage gaps that leave you and your family exposed to serious financial risk.
Silverberg Group is the exclusive representative in Alberta, Northwest Territories & Nunavut for The Canadian Bar Insurance Association’s proprietary product arrangements. We work with all of the insurance providers and, in relation to CBIA, are the only employee benefit plan advisors who are able to provide a clear, complete and unbiased recommendation on what is best for your firm. So far, over 120 Alberta Law Firms have put their trust in us.
Interested in hearing more about how Silverberg Group can save you time & money?