Your work benefits, decoded
Group benefits are the coverage most Canadians rely on and understand least. What's in the booklet, and the three gaps almost everyone has.
Group benefits are the coverage most Canadians rely on and understand least. Here's what's usually in the booklet and what to watch.
What you likely have
Group life (often 1–2× salary), LTD, sometimes STD, critical illness, and extended health/dental.
What to check
The LTD replacement percentage and its monthly cap (the cap quietly under-insures higher earners); whether LTD is own-occ and when it switches to any-occ; who pays the LTD premium (it decides whether your benefit is taxable); the group-life multiple and its non-evidence maximum; and what's portable if you leave (usually little).
The three gaps almost everyone has
Coverage that ends with the job, an any-occupation switch around month 24, and a taxable LTD benefit budgeted as if it were gross. Size the disability piece with the Disability Gap tool.
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