The 411 on Employee Benefits

411-picHi folks, one of the common rejections I receive from my clients is they have employee benefits, so they don’t need a term life insurance consultation with one of our life insurance brokers in our office – in fact there are many limitations to employee benefits so having additional insurance makes sense more often than you think. On our team, we have two licensed life insurance consultants ready to get you protected from all of life’s mishaps.

60% of all Canadians have some type of group insurance through work.

  • Many employers offer life insurance, dental and extended health ONLY.
  • Many people don’t have Disability Insurance (di), causing them to rely on savings when off work due to an injury or illness.
  • Having Disability, Critical Illness and Life Insurance may be the only insurance they own on the mortgage.

Typical Group Benefits available via work plans

Disability Insurance

  • 60%-66% of pre-illness monthly salary (bonuses and overtime excluded).
  • 75% of policy owners will claim on di mulitple times.

Life Insurance

  • $50,000- $100,000 flat benefit or 1x -2x annual salary. Usually not enough replacement funds for beneficiaries.

Critical Illness Insurance

  • A lump sum paid to insured. Less than 10% of group plans in Canada offer this benefit. If available, average amount offered is $25,000.

Most Canadians do not know where to purchase individual life insurance, CI or disability!

Stay in control of your financial future, avoid poor credit ratings and avoid having to cash out RRSPs by taking life insurance as part of your mortgage contract.

“My recommendation is that you definitely own insurance as part of your debt management and financial strategy”

By Referral Mortgage Consultants*

“Click, Call, Chat – Award Winning Brokers”

Dave  604 897 2741 Jordi 604 615 1312

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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp. 

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