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Group Insurance

Group Insurance

Stronger together, with Group Insurance for your team in Canada.

What is Group Insurance?

If you wish to attract new talent and workforce towards your company, one way is to take care of your employee’s health and make their wellness your priority. You can now invest in your company’s health with a group benefits plan in Canada. Group insurance plans in Canada are an essential component of many employee benefits packages. These plans help employees cover the cost of medical expenses that are not covered by provincial health care plans. This can include coverage for prescription drugs, dental, hospital, vision, paramedical and ambulance services, among others. By providing employees with access to group insurance benefits, employers can help to ensure that their employees have the financial resources they need to maintain good health and wellbeing.

In addition to providing essential health and wellness benefits, group insurance plans in Canada can also be combined with retirement and savings plans to help employees achieve their financial and retirement goals. By offering a comprehensive benefits package that includes both insurance coverage and retirement savings options, employers can attract and retain top talent, increase employee satisfaction and boost overall productivity. Group insurance plans can also be cost-effective for employers, as they can negotiate better rates and terms with insurance providers due to the size of the group. Overall, group insurance plans in Canada are an important investment in the health, wellbeing and financial security of employees.

Types of Group Insurance

In Canada, there are several types of group insurance policies that companies can offer to their employees. These policies can provide coverage for a range of healthcare-related services, including medical, dental, vision, prescription drugs and more.

Extended Health Care (EHC)

Extended Health Care (EHC) insurance provides coverage for a wide range of healthcare services, including prescription drugs, paramedical services (such as physiotherapy, chiropractic and massage therapy) and vision care. EHC policies may also cover other healthcare-related expenses, such as medical equipment, travel insurance and more.

Dental Insurance

Dental insurance policies provide coverage for dental services such as cleanings, fillings, extractions and more. Some policies may also cover orthodontic services, such as braces or retainers.

Disability Insurance

Disability insurance provides income replacement in the event that an employee becomes disabled and is unable to work. Disability insurance policies typically pay a percentage of the employee's salary for a specified period, such as six months or one year.

Life Insurance

Life insurance policies provide a lump sum payment to an employee's beneficiaries in the event of their death. This payment can help provide financial security for the employee's loved ones, such as paying off debts, covering funeral expenses, or providing ongoing financial support.

Critical Illness Insurance

Critical illness insurance provides a lump sum payment to an employee if they are diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. This payment can help cover expenses related to the illness, such as medical bills or time off work.

Employee Assistance Programs (EAPs)

Employee Assistance Programs (EAPs) provide support to employees and their families for a range of issues, including mental health, substance abuse, financial problems and more. EAPs can offer services such as counselling, financial planning, legal advice and more. 

Each of these group insurance policies can provide valuable benefits to employees and help companies attract and retain top talent. Companies can manifest their concern for the well-being of their employees and facilitate their ability to remain healthy and productive by offering them comprehensive group insurance coverage.

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How Group Insurance Works for Different Sizes of Businesses in Canada?

Group insurance plans in Canada are available for businesses of all sizes, from small businesses to large corporations and even self-employed individuals. These plans offer a range of benefits and can be tailored to the specific needs of the employer or individual, helping to promote employee health and well-being while also providing cost-effective coverage for healthcare-related expenses.

Small Businesses (Less than 50 Employees)

Small businesses may be eligible for group insurance plans. These plans are typically offered through insurance carriers or brokers and are designed to provide coverage for healthcare-related expenses at a more affordable cost than individual plans. They can choose from a range of group insurance policies, including extended health care (EHC), dental insurance, disability insurance, life insurance and more. The premiums for these policies are based on the size and demographics of the group and can be paid for by the employer, the employee, or a combination of both.

Medium-Sized Businesses (50-249 Employees)

Medium-sized businesses with 50 to 249 employees can also offer group insurance plans to their employees. These plans are typically more flexible and customizable than those offered to small businesses, allowing employers to tailor their coverage to the specific needs of their workforce. In addition to the policies offered to small businesses, medium-sized businesses may also have access to more specialized insurance products, such as critical illness insurance, health spending accounts and more.

Large Businesses (250+ Employees)

Large businesses with 250 or more employees can negotiate group insurance plans directly with insurance carriers or brokers. These plans can be highly customized and offer a range of benefits, including extensive coverage for healthcare-related expenses, disability insurance, life insurance and more. Large businesses may also have access to additional benefits, such as wellness programs, employee assistance programs (EAPs) and other services designed to promote employee health and well-being.

Self-Employed and Sole Proprietors

Self-employed individuals and sole proprietors can also access group insurance plans in Canada. These plans are typically offered through industry or professional associations and are designed to provide coverage for healthcare-related expenses at a more affordable cost than individual plans. The premiums for these plans are based on the size and demographics of the group and can be paid for by the individual or a combination of the individual and their clients or customers.


Benefits of Group Insurance in Canada

Group insurance provides benefits for both employees and companies in Canada. From the employee perspective, group insurance offers the following advantages

Reduced Cost of Coverage

Reduced Cost of Coverage

One significant advantage of group insurance for employees is that it can be less expensive than purchasing a personal insurance plan. This reduced cost can be a significant relief for employees who are worried about paying for healthcare expenses for themselves and their families. As such, group insurance can offer a valuable incentive for employees to join or remain with a particular company.

Health Protection

Health Protection

Group insurance also helps protect the health of employees and their families. This protection can include coverage for medical expenses, prescription drugs, dental care, vision care and other health-related services. Employees can have peace of mind knowing that they and their families have access to quality healthcare when they need it.

Financial Stress Reduction

Financial Stress Reduction

Group insurance can also help alleviate financial stress for employees. This benefit comes from knowing that if an unexpected medical emergency arises, they and their families will be covered. This can provide a sense of security, reducing anxiety and stress levels for employees.

From the company perspective, group insurance also provides numerous benefits as follows.

Improved Morale and Productivity

Improved Morale and Productivity

One significant advantage of group insurance for companies is that it can help improve morale and productivity among employees. When employees have access to quality healthcare, they feel more valued and supported by their employer. As a result, they may be more motivated to work harder and contribute more to the company's success.



Group insurance can be a cost-effective alternative to providing salary increases. Since group insurance premiums are a tax-deductible business expense, they can be less expensive than providing salary increases. Additionally, the premiums paid on group benefits do not increase CPP, EI, or Worker's Compensation rates, making it a more cost-effective option.

Competitive Edge

Competitive Edge

Group insurance can help companies maintain a competitive edge in the job market. In the current job market, employees are seeking more than just a salary. They want to work for a company that values them and provides benefits that help support their overall well-being. Offering group insurance can give companies a competitive edge in attracting and retaining talented employees.

Key Employee Retention

Key Employee Retention

Finally, group insurance can help companies attract and retain key employees. Providing quality benefits shows employees that the company values them and is willing to invest in their well-being. This investment can result in increased employee loyalty, reducing turnover rates and improving the company's overall success. 

From reduced healthcare costs to increased morale and productivity, group insurance is an essential component of any company's benefits package. By offering group insurance, companies can demonstrate their dedication to promoting their employees' welfare and remain competitive in the job market by providing group insurance.

Get Started

01 Step

Get a Personalized Quote

Contact MyLegacy Insurance Services to receive a personalized quote for your business's group insurance needs.

02 Step

Choose Your Plan

Select the plan that best meets your business's needs and the needs of your employees by joining hands with MyLegacy team.

03 Step

Complete the Application Process

Provide the necessary information and let us handle the rest of the application process.

04 Step

Relax Knowing You Are Covered

Once your group insurance coverage is in place, you and your employees can enjoy affordable healthcare coverage and financial protection in case of illness or injury, with ongoing support from MyLegacy team.


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