Group Long Term Disability (LTD) insurance is one of the most important features of a benefit plan. It provides insurance against lost wages due to a disability. There are many carriers who can provide this insurance, but Beneplan has hand-picked the best carriers who both have the highest level of care from an adjudication perspective, and the most affordable rates on the marketplace:
- The Co-operators Life
- RBC Insurance
- Humania Assurance
Beneplan has unique and exclusive agreements in place based on our volume and co-operative purchasing power. This allows us to guarantee to match or beat the lowest rate that a client can find on the open market, while preserving coverage.
Beneplan also has a unique competitive advantage in a refund accounting agreement with one of the carriers. This means that claims, reserves, and expenses are deducted from premiums, and any remaining surplus is fully refunded to member-owners of the Beneplan Co-operative. Further, the carrier agrees to a fixed target profit, so any extra premiums are reconciled and paid back to the membership.
We are often asked, “Since you have a refund agreement on the LTD, does that simply mean that you over-charge premiums up-front?” We address this concern by showing through proposals that the LTD rates we secure are the same or lower than the best available rate on the market, so the price is still the most competitive in Canada.
To request a quote for group long term disability insurance, please contact Beneplan at 1-800-387-1670 or admin[at]beneplan[dot]ca.