Group Life can be an important component of a Plan Member's financial security program. Although it is not a substitute for personal life insurance, it does provide for a base of life insurance for final expenses, repayment of debt and replacement of earnings.
Wawanesa offers Group Life Insurance in a number of ways:
Employee Life can be designed to provide for flat amounts of coverage or for multiples of annual earnings. The latter option relates the coverage to the need and continually updates the coverage for changes in earnings. There can be one or more classes with different levels of coverage and non-evidence limits are available.
Dependent Life insures the dependent spouse and children of the Plan Member under the group plan.
Optional Life offers cost effective supplemental coverage to be elected by Plan Members according to their needs and budget. Optional Life is usually offered in units of $10,000 with premiums related to the insured’s age, gender and smoker status. Programs can include Optional Life for spouses of Plan Members.
Accidental Death & Dismemberment (AD&D) is a cost-effective supplement to the Plan Member's Basic Life coverage. It insures the Plan Member under the group plan providing for an additional payment, generally equal to the Basic Life coverage, in the event of death caused by an accident. Benefits are paid for injuries and losses due to accidents.
Although disability is a more likely event than early death, Plan Members are often inadequately insured for disability. The group disability coverage under a Plan Sponsor’s benefit plan provides affordable coverage that may not otherwise be available.
Wawanesa Life offers Short and Long Term Disability coverage. Group Plans may include Short Term Disability or Long Term Disability or both, depending on the nature of business of the Plan Sponsor.
Through Active Disability Claims Management, Wawanesa Life’s Group Operation ensures that all disability claims are handled promptly and professionally thereby facilitating a smooth and efficient transition back to work by the employee.
Short Term Disability covers short absences from work due to accident or sickness.
The Plan Sponsor chooses from a selection of taxable or non-taxable plans, elimination periods, maximum benefit duration, percentage of weekly earnings to be reimbursed and the maximum weekly benefit payable. Plans will be tailored at the Plan Sponsors request to qualify for the Employment Insurance premium reduction. The benefit formula may be arranged on a graded scale.
Long Term Disability provides monthly benefit coverage for extended disabilities. Coverage can be tailored to co-ordinate with payments received under a Short Term Disability plan. The Plan Sponsor chooses from a selection of taxable or non-taxable plans, elimination periods, maximum benefit duration, percentage of monthly earnings to be reimbursed and the maximum monthly benefit payable. The benefit formula may be arranged on a graded scale and can be designed to include Cost of Living adjustments. The LTD benefit amount is integrated with all income sources.
Wawanesa Life's Long Term Disability benefit plan includes a rehabilitation provision which are intended to assist the Plan Member in the return to work process.
Critical Illness offers coverage for insured conditions and provides a benefit payable on the first insured condition for which a diagnosis is made or surgery is performed. (Specifics are provided within the Plan Sponsor's contract.)
Wawanesa Life understands the Plan Sponsor's challenge of controlling health care costs while meeting the Plan Member's needs for services. Health benefits are designed to supplement the basic health care coverage provided under provincial government programs. Through claim audits, claims management and adjudication practices, active fraud/abuse detection and prevention practices, Wawanesa Life takes an active role in assisting the Plan Sponsor in designing plans that encourage healthy choices and keep benefits effective and affordable.
The Group Operation offers plans which allow the Plan Sponsor to include coverage for prescription drugs, professional services, medical supplies, ambulance services, accidental dental, hospital and convalescent hospital coverage, emergency out of country coverage, travel assistance program, and vision care. Reimbursement is based on a range of selected coinsurances, deductibles and maximums that may apply to certain eligible expenses.
Additional expertise and services are provided in the areas of Pay Direct Drug Cards and Travel Assistance Benefits through two strategic partners.
To cover the cost of dental work, The Group Operation allows the Plan Sponsor maximum flexibility in its choice of deductibles, co-insurance, recall options, annual benefit maximums and coverage levels.
The core benefit – Level 1, Basic Dental, provides for preventative and routine restorative procedures and includes treatment for gum disease, root canal therapy and some denture services (relining and rebasing). Level 2, Major Restorative, services can be added. Major Restorative provides for removable dentures, fixed bridgework and crowns. Level 3, Orthodontia, is usually for dependent children under the age of 19 but the plan can be designed to provide coverage for adults.
Wawanesa Life have partnered with Arete Human Resources Inc. to provide all Group plans with the Acumin® Business Assistance Program. The Acumin® Business Assistance Program provides confidential telephone coaching in situations where Human Resources, Financial, or Legal advice is required. Acumin® is included as a standard service within all Wawanesa group plans.
Wawanesa Life offers the Arive® Employee Assistance Program (EAP) as an optional product with support provided by Arete Human Resources. Arive® provides Plan Members and their dependents with support and guidance to help resolve personal or work-related issues. Arive® is available to add onto any Wawanesa Life group plan.
Additional Expense Benefit (AEB) is a “cost plus” benefit that provides top-up coverage for most Health, Dental and Vision expenses not covered under the standard contract but Canada Revenue Agency approved. AEB allows the Plan Sponsor to strengthen the coverage offered while providing valuable tax savings. AEB can be used to provide enhanced coverage to key employees in a way that is more tax-efficient than salary increases.
Health Spending Accounts (HSA) are an effective method for Plan Sponsors to provide Plan Members with a high level of involvement and flexibility in their benefit plan. Health Spending Accounts are individual accounts established for each Plan Member. The Plan Sponsor deposits an amount for each Plan Member. The Plan Member can draw on the account by submitting qualifying expenses that are not insured under Health or Dental benefits.
The eligibility of expenses is controlled by the Income Tax Act. Types of expenses can include, but are not limited to: deductibles and coinsurance amounts, expenses that exceed group insurance plan maximums, eye glasses, contact lenses and laser eye surgery, medications, vaccines over the counter and lifestyle drugs, and dental work such as implants, dentures, or orthodontics.
Health Spending Accounts can be a cost-effective way to fund medical and dental expenses that can be anticipated to recur each year. The Plan Sponsor’s contribution to the account is not taxable to the Plan Member but is deductible by the Plan Sponsor, making it tax-effective.