Group Life Insurance
Group life insurance is a key component of your business’ employee benefit package. It offers life insurance coverage to you and your staff as a group, usually at a lower cost than for individual life insurance policies. Death benefits can be based on specified amounts or on percentages of your employee’s wages. If an employee dies while covered under the group policy, benefits are paid to his or her beneficiaries. PlanWright offers a variety of group life insurance policies and will work with you to provide the one that suits your business best in terms of coverage and cost.
Group Disability Insurance
From a corporate perspective, disability insurance becomes of great concern and is usually fairly complicated, as policy riders and provisions become increasingly important. Corporate disability can range from insuring a principle key person in the business to funding the buy-out of a partner in the event that they are disabled for an extensive period of time and/or are disabled to the point that they can no longer carry out the tasks that they provided to the company.
Group RRSPs & Pensions
Group RRSP plans are structured to provide the employees of a particular company with the ability to have automatic savings combined with company payroll. In many cases, employers will match employee contributions up to a certain level. This can be a much more cost effective compensation tool than straight salary increases. We have tools that can show you the potential cost savings for your company and we have access to a multitude of different investment companies offering such plans.
Although many employers offer group benefits and retirement plans for their employees, they often do not have the financial planning expertise available in their human resources departments to provide counsel on how their employees should best utilize these benefits and plans according to their own unique situation. PlanWright Financial’s employee seminar provides employees with non-biased basic financial planning knowledge so that employees can make prudent decisions regarding their own unique circumstances.
†Mutual funds and related financial planning services are offered through Credential Asset Management Inc.
PlanWright Financial is a wholly-owned subsidiary of Encompass Credit Union.