Benefits make up an important part of your employees’ compensation package. In Canada, there are both legislative as well as competitive employee benefits. While only the legislative benefits are mandatory, the competitive benefits are equally important because they play a massive role in attracting and retaining top talent.
Getting the best employee benefits for your workforce makes a bold statement: You care for your employees. And because it is not easy to set up a good benefits package for your employees, you must enlist the help of an insurance broker for their expertise.
The broker will have the relevant data and expert guidance required to get the most from your benefits investment. Insurance Direct Canada (IDC) is an insurance broker that helps Canadians get the insurance that best suits their needs and budget. You can count on their trained team of insurance professionals to save you time and money.
If you are looking for the best employee benefits insurance company, you have come to the right place. In the sections below, you will find a list of top employee benefits insurance companies in Canada, with details to help you make the right choice. You can shop for the best and know that you made the best choice for your employees’ benefits from this list.
Sun Life Insurance
Sun Life Insurance is a powerhouse for providing insurance in Canada. Sun Life offers an extensive catalogue of insurance to suit the needs of most Canadians. Primarily, Sun Life offers life and health insurance, and these are some of the main policies that employees are looking for from a good employer.
There are several reasons why you should take employee benefits insurance from Sun Life insurance. As one of the largest insurance companies in Canada, they are in an excellent financial position to pay all claims. They also can offer a variety of riders to such insurance policies as life and critical illness. What’s more, Sun Life insurance offers coverage with or without examination.
Canada Life Insurance
Canada Life Insurance is a great option to buy employee benefits insurance because their prices are almost 5% lower than those of their competitors.
It is important to note that two businesses with roughly the same number of employees and similar policies from two insurance companies are not likely to pay the same. This is because insurance companies base their premiums on a variety of factors.
You will find that some companies are more lenient for people with specific characteristics and provide better pricing than other companies do for people with similar characteristics.
Canada Life insurance has an excellent pricing structure. Most of the time, you will find that their prices are more affordable than those of their competitors.
Manulife is one of the largest insurance companies in Canada and the largest provider of life insurance. Their prices are mostly in line with the rest of the market, but they are more competitive for people in good health.
Manulife Insurance has a financial strength rating of A+ and over 30 million customers. This makes them reliable and allows them to provide a wide range of products to fit the different needs of your employees.
Manulife’s process of underwriting and approving policies is faster than average. They also offer online servicing options and e-delivery, making it very convenient for people who hate a lot of paperwork.
Apart from providing your employees with the insurance products they need, Manulife also invests in the communities and workplaces that they serve. This is yet another reason you should choose Manulife insurance for your employee benefits insurance. You do more than insure your employees; you become part of the social good that Manulife insurance does.
Empire Life Insurance
Empire life began as a small insurance company and grew to become the best insurance company in Canada in 2013, 2016, 2018, and 2019. That might have been almost a century later, but such a milestone in a field like the insurance industry is no small feat. Empire Life insurance is known for its extensive range of insurance products. You can be sure that they will have something for virtually all the needs of your employees.
In the last decade, Empire Life has made a name in the insurance business and the investment sector. They make a substantial amount of money from selling segregated funds, ensuring that they maintain their financial strength. Suppose you buy employee benefits insurance with Empire Life insurance. In that case, you know that the company will not go down and bring about complex procedures when they are not in a position to pay policies.
There you have it; a list of the best insurance companies that you should get employee benefits insurance policy from. However, it is crucial that you first talk to your employees and know what they are looking for in a good insurance policy.
It would help if you also took the time to talk to an experienced insurance broker to ensure that you pay for a policy that brings the best value. And you cannot go wrong if you decide to partner with Insurance Direct Canada (IDC). They are a reputable insurance broker that has helped countless companies get the best employee benefits insurance policies. Get in touch with them for insurance quotes and advice.