September 2011


A new approach to Group Insurance 

While the cost of group insurance continues to rise, employers are ready to accept reasonable cost increases in order to maintain competitive compensation packages that will help them attract and retain the best employees.

For their part, employees often want reasonable costs, but they want maximum flexibility in choosing their level of coverage, something that small and medium sized businesses don’t usually offer. Unlike traditional group insurance plans, modular benefit plans offer employees a choice between three different pre-packaged coverage options.

While modular benefit plans can be more complex to administer, they offer small to medium sized employers more cost control, while ensuring coverage that best meets the needs of their employees.

Review your group coverage regularly

Not all group insurance benefit plans are created equally. Some may offer limited coverage with no integration with other benefit plans, while others offer more freedom of choice for employees, but at a higher cost. It may be beneficial to integrate individually owned coverage with group coverage to ensure you are protected. If you are a member of a group plan, or an employer who provides this valuable benefit to your employees, don’t forget to review your group plan regularly to ensure it continues to meet your needs. 

If you have questions about your group plan, your Richardson GMP Investment Advisor will work closely with our dedicated Insurance Consultants and Group Insurance Specialists to ensure your plan continues to meet your needs.



If you’d like a copy of our education articles on Modular Benefit Plans and Topping up your Group Insurance Coverage, please contact your Richardson GMP Investment Advisor today.



Previous Tax & Estate Planning Strategies
View items by year:






  • Critical Illness Insurance

    Nov 01, 2011

    Critical Illness isn’t something any of us like to think about, but unfortunately it happens. Despite our progressive healthcare system, we still are faced with increased waiting periods and out of pocket expenses for additional equipment and alternative treatments...
    read more
  • The tax benefits of flow-through share investing

    Oct 01, 2011

    Investing in flow-through shares has been a popular tax reduction strategy for several years in Canada. Flow-through shares allow the issuing company to renounce or “flow through” tax expenses associated with Canadian explora­tion activities to investors...
    read more
  • Modular Benefit Plans

    Sep 01, 2011

    While the cost of group insurance continues to rise, employers are ready to accept reasonable cost increases in order to maintain competitive compensation packages that will help them attract and retain the best employees...
    read more
  • Registered Education Savings Plan

    Aug 01, 2011

    With the ever increasing cost of post secondary education, the tax-deferred growth of a Registered Education Savings Plan (RESP) and the Canada Education Savings Grant (CESG) are attractive ways to plan for this major life event...
    read more
  • Estate bond

    Jul 01, 2011

    Life Insurance can be used as an effective way of accumulating and transferring wealth. An Estate Bond is a financial planning strategy that transfers non registered savings from a tax exposed investment to an exempt life insurance policy...
    read more
  • Cottage succession

    Jun 01, 2011

    For most of us, there are wonderful memories attached to a family cottage. However, at some point, cottage owners will face the financial and emotional challenges of selling or transferring this cherished family asset...
    read more
  • Insured Annuities

    May 01, 2011

    An Insured Annuity provides a guaranteed, tax preferred income stream for as long as you live...
    read more
  • Changes to the Canada Pension Plan and Quebec Pension Plan

    Apr 01, 2011

    The Canada Pension Plan (CPP) has recently implemented changes to benefits that will be phased in gradually over a six year period beginning in January 2011. If you have not already applied for CPP retirement pension benefits...
    read more
  • Tax planning checklist

    Jan 01, 2011

    As we embark on a new year, people tend to turn their attention to planning for the future. While we believe that tax planning should be an integral part of the overall wealth planning...
    read more