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Group Insurance

What is a Group Insurance Plan?

• Group insurance plans are set up by an employer, union, or other group with a view to providing insurance coverage to plan members in the event of death, accident, illness, or disability. For employers, they are an attractive addition to benefits packages.
• The policyholder negotiates the details of the contract with the insurer.
• It is a group contract in which participation is generally compulsory for employees or group members.
• Group members must have a relationship with the policyholder; for example, they must all be employed by the same company.
• Group insurance premiums are generally guaranteed for a one-year period. Every year, the policyholder and insurer can negotiate changes to the plan.

Customized Plans


• Customized plans tailored to its members' needs are offered to larger groups.
• The various plans and services available from Peace Financial are designed to meet the specific needs of the group. Policyholders determine the exact combination of coverage types they wish to offer plan members.
• Some benefits such as life insurance and death and dismemberment may automatically be included in the plan. Others like travel insurance are optional.
• This type of plan is particularly well suited for large companies.

Plans for Small and Medium-Sized Business


• Peace Financial & Insurance Inc. also offers group insurance plans designed to meet the special needs of small and medium-sized businesses.
• These plans include most of the same coverage available under customized plans. However, coverage options and amounts are predetermined.
• The many options available through these innovative products enable employers to adapt their plans according to the needs of employees.
• In addition, since our products for small and medium-sized businesses must continue to reflect the rapidly changing needs of our customers, employers can modify their plans as they grow.
• Small business and self-employed worker insurance is in some respects a group insurance plan available on an individual basis.
• It is specifically designed to meet the needs of self-employed workers, owners of micro-businesses (10 employees or fewer), and salaried workers who do not have a group insurance plan at work.
• It offers most of the same coverage as a group insurance plan. The insured party chooses the desired combination of coverage, subject to the limits stipulated in the contract.