Nova Scotia Group Insurance and Employee Benefits
Posted on August 29th, 2013
Nova Scotia group insurance is a kind of insurance plan that provides coverage to groups of people, such as employees of the same organization, members of a union or association, or members of a cooperative institute. According to the terms of this kind of insurance, all policy holders come under a single master group policy, owned by the cooperative, labor union, association or employer. Employees who receive insurance coverage as part of employment benefits can also name beneficiaries, and get certificate subject to their group insurance policy. Let us have a detailed look at Nova Scotia group insurance plan.
Benefits of availing Nova Scotia group insurance
A group insurance policy proves to be much cheaper than an individual insurance policy, as the insurance company tends to incur lesser cost because of large numbers of individuals being insured under one cover. Because this policy proves to be cheaper, they become more affordable for those who cannot afford to buy an individual insurance plan. This means that a group insurance plan allows a larger section of population to avail insurance benefits, even those who would not have normally opted for an insurance plan.
In addition to these, the premium cost of a Nova Scotia group insurance plan is not based on the risk factors of individual group members. Subsequently, even people with a serious medical condition can avail group insurance benefits, who were not eligible for a medical insurance plan individually. Under a group insurance policy, all the members of the group are insured with the same premium, and all of them receive same insurance coverage and benefits.
Major advantage of a Nova Scotia group insurance plan is that all the group members are covered as long as their premium is paid. Unlike an individual insurance policy, the insurance company cannot reject an individual’s claim due to his risk profile. The insured persons also do not need to go through a medical check-up while applying for a group insurance policy. Thus, members who are unfit for an individual insurance plan can also avail a group insurance plan.
With an aim to build loyalty among the employees, a large number of organizations have started giving Nova Scotia group insurance to their employees. In most cases, the company pays 100% insurance premium for their employees, thus giving them an added perk in addition to the regular salary. So, if you are also looking to show your employees that you care, the best thing you can do is to give them Nova Scotia group insurance coverage.