SelectpacAn Overview

Agenda

• What is Group Insurance

• Typical Benefits Provided

• Advantages to you, the employer, and to your employees

• Why Selectpac?

What is Group Insurance?

• Definition…

“…an arrangement to provide insurance coverage for a group

of persons under a single contract, without individual risk

selection, and under terms and conditions more favorable

than those otherwise obtainable by these persons as

individuals.”

The Concept of Group Insurance

If you are like most people you own fire insurance on your home.If you are like most people you own fire insurance on your home.

Do you think your house will catch on fire tomorrow ?Do you think your house will catch on fire tomorrow ?

So why do you own fire insurance ?So why do you own fire insurance ?

The fact is that The fact is that fire fire can cause a can cause a catastrophic financial losscatastrophic financial loss..

The Concept of Group Insurance

Nobody expects to be Nobody expects to be injuredinjured, or become ill tomorrow. , or become ill tomorrow.

However, if this does occur it can cause However, if this does occur it can cause a catastrophic financial a catastrophic financial lossloss..

A comprehensive employee benefits program is a A comprehensive employee benefits program is a low cost solutionlow cost solution

that can provide protection for the Employee and Employer fromthat can provide protection for the Employee and Employer from

catastrophic financial lossescatastrophic financial losses due to illness or injury due to illness or injury

Typical Group Benefits

• Employee and dependant term life insurance

• Accidental death & dismemberment

• Critical Illness

• Short term disability

• Long term disability

• Medical reimbursement plan (tax loop hole)

• Employee Assistance Program (Contact)

• Healthcare

• Dentalcare

• Visioncare

Advantages To The Employer & The Employee

Advantages forEmployer

Attract & Retain key People

Establish a company policy in the event of the death or disability of an employee

Tax effective compensation

Advantages for Employee

Basic protection for the EE & family

Less expensive than individual insurance

Higher standard of healthcare than otherwise possible

Cover for “uninsurables”

The Current Small Business Environment

“With an increasingly restless and stressed out work force facing erosion of Medicare benefits and ever spiraling prescription drug costs, employers are under more pressure than ever to provide comprehensive benefit packages for their staff…*

*The Globe and Mail, Report on Small Business March 17, 2005.

Don’t Give You Employees a Raise!

Give them benefits instead…

A comparison cost for the employer:

Raise Employee Benefits

Enhancement $1050 $1050

EI $30.87 N/A

CPP $51.98 N/A

WSIB $22.99 N/A

Payroll Tax $10.29 N/A

Total $1166.13 $1050

Don’t Give You Employees a Raise!

Give them benefits instead…

A comparison cost for the employee:

Raise Employee Benefits

Enhancement $1050 $1050

EI $(22.05) N/A

CPP $(51.98) N/A

WSIB N/A N/A

Income Tax $(362.40) N/A

Total $613.57 $1050

Meeting Employer Needs

• Effective management of benefit costs

• Tailored plan design

• Streamlined administration

• Clear communication material

• Accessible and responsive customer service

• 1-800 Claims Service

• Administrative Support

Why Selectpac?

• Leading group insurance provider in Canada.• No Medical Underwriting. Each employee is guaranteed basic

levels of Life, AD&D, LTD, Healthcare and Dental coverage. • Local, personal service through the Resource Centre• Life and LTD products are convertible.• Best Doctor’s Service Card included in our Healthcare (free of

charge).• No doctor’s note required for paramedical practitioners.• No termination age for STD, Healthcare and Dental benefits.• All Healthcare claims over $5000/person are fully pooled.• Easy on-line administration via our Group Net Website.• Rates are guaranteed for 15 months

Questions?