Your employer may offer group insurance coverage – for example, life insurance, critical illness insurance or disability insurance as part of a benefits plan.
It’s a basic way to help protect you and your loved ones.
But what if you could do more than just cover the basics? Your lifestyle is important to you and your family, so what if you could complement your group benefits coverage with individual insurance and help keep the lifestyle you’d want for your family, if you died or became too sick or injured to work?
Knowing the details of your group insurance plan is crucial. You want to make sure you have the right type of insurance, and the right amount of coverage, to cover all your bases when dealing with the unexpected.
Individual insurance, such as life, critical illness and disability insurance is coverage you can get outside of work. They typically offer more control and choice based on the needs of you and your family. And it’s all about you: you own it and you choose the products and options you want that are customized for your needs.
Together with your group insurance, they can help protect you, your family and your lifestyle from unexpected events that could jeopardize your financial goals and keep you from meeting your obligations.
Uncover your needs to find out if your group insurance is enough
Does group insurance cover your needs? Consider the following questions:
1. If something were to happen to you or a loved one would you be able to:
- Keep the house?
- Maintain your/their lifestyle?
- Pay important bills?
- Continue saving for your kids’ education?
- Focus on recovery (rather than money)?
2. Does group insurance coverage include the types of insurance you and your family need?
- Will your insurance protection last a lifetime?
- Does your partner have group insurance coverage through their work?
- If you’re too sick to work, would your coverage give you a lump-sum payment to help with recovery?
- Can you increase your coverage if your needs change?
Better together: Group and individual insurance
For some people, group insurance is enough, but an individual insurance plan can complement your group insurance benefits. Your financial security advisor can help sort out the details and fill in any existing gaps.
Group and individual insurance
|?||Group insurance||Individual insurance|
|How much coverage do I/my family get?||Often limited coverage amounts||You pick your coverage amount|
|How much choice and exibility do I have?||Often limited – your employer or association picks coverage options
You may have some choice in the insurance coverage you want
|You have more choice. Pick:
|Can I change my coverage?||Typically, you may only be able to make changes once a year or if there’s a life-changing event (like a marriage or birth of a child)||Yes, depending on the type of insurance and your needs, you may be able to:
|Who controls the policy?||The employer or association
They can make changes at any time
|You own the policy
You can make changes
|What happens if I leave the company/ organization?||Coverage ends unless there’s an option to convert to individual insurance||Your coverage stays the same and is portable; it’s not tied to a job or membership|
|How much does it cost?||Typically low cost||Typically higher cost|
|Will costs stay the same?||Costs may change – perhaps every year||Costs stay the same for the life of your policy, unless you choose otherwise|
Some limitations and restrictions apply