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Personal Benefits - Allow Your Employees to Customize their Coverage

Updated: Dec 14, 2023

One-size fits all benefits plans do not work for everyone. Now more than ever, insurers are stepping up to the plate with optional life and critical illness insurance paid for out of the employee's bank account. That means that the coverage can be maintained even if the employee leaves your organization.

Employee Life and Critical Illness insurance included in most group plans has always been a tough benefit to promote as having real value to employees.

When an employee leaves an organization, they are traditionally offered "conversion options" for life insurance, which they must apply for within 30 days of leaving the group.

These conversion options are priced for individuals who would not be able to apply for coverage of their own. Hence, the premiums are quite expensive, and coverage is limited.

Some carriers have started offering Personal or Portable Benefits options, offering employees the opportunity to get a certain amount of personal life insurance or critical illness insurance -- paid for from their own bank account. Coverage up to certain limits can be obtained without answering health questions. Manulife and Canada Life have offerings currently; Equitable Life expects to launch a solution in 2024.

Canada Life's Personal benefits offering is arguably the best of all embedded solutions because it offers full critical illness coverage and has a dedicated team that can help employees figure out the best solution for them. For plan sponsors using other carriers, we can offer a stand-alone program through Blue Cross.

Employees Benefit

  • Employees can get up to $100,000 of life insurance and $40,000 of critical illness insurance without answering health questions.

  • The coverage is owned by them and paid for by them out of their own bank accounts.

  • The policies are portable, so if they leave your organization, the coverage follows them.

  • Super fast and intuitive sign up. Here is a  video that explains the solution.

Plan Sponsors Benefit

  • Enhance your benefit offering in a meaningful way without additional costs

  • All you have to do is communicate the plan; existing plan members will have 30 days to sign up to obtain the limits outlined above. New employees will have the same 30-day window as they are onboarded. All your have to do is provide the access code for new team members.

Watch for a sign-up form with your benefits renewal or contact us for more information about these great programs.


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