HUB International BENEFITS Insurance
Group Benefit and Financial specialists backed by Canada’s largest insurance team
You get more than just great advice when you deal with our BENEFITS specialists at HUB International Insurance Brokers. You receive the combined power of our vast global resources and solid local relationships, designed to give you the best-possible solution for employers or individuals alike.
At HUB International BENEFITS, we take pride in the design, implementation and management of the best group benefits plans available today. We offer a full range of programs and services for employers who truly care about their employees.
- Employee Group Benefits
- Group Pension Plans
- Group RRSPs
- Individual Pension Plans
- Executive Benefits
- Health and Welfare Trusts
- Benefits for U.S. employees
- Special programs
Our approach is based on the simple notion that your employees are your most valuable resource and asset. We believe the right plans provide employees and their families with the peace of mind of knowing that there is protection and support when they need it.
Employee Group Benefits
An Employee Group Benefits Plan, often simply referred to as Employee Benefits Plan, bundles together life insurance, disability insurance, health insurance and dental insurance to a group of employees at special rates.
HUB International BENEFITS has an unrivaled capacity to offer the widest range of Employee Group Benefits options, with customized packages including:
- Group Life Insurance
- Accidental Death & Dismemberment (AD&D)
- Dependent Life Insurance
- Short Term Disability
- Long Term Disability
- Extended Health Care
- Out of Province Travel Medical Insurance
- Dental Care
- Critical Illness
- Employee Assistance Programs
- Cost Plus
There is no doubt that Employee Benefits have become standard practice as a component of employees’ compensation in most companies. Yet it’s important to understand that the advantages of customizing a plan to meet the specific needs of your company are more than just financial.
Offering a Benefits plan to your staff as part of their compensation package tells them that you care about them and their families. Your approach to Employee Benefits can differentiate you from other employers and often helps to both attract and retain staff.
In fact, Employee Benefits plans can play an important role in shaping and enhancing the corporate culture of an organization by:
- Attracting and retaining employees (and in the process, reducing turnover costs);
- Providing access to insurance without having to provide evidence of being in good health (reducing bureaucracy and time-consuming paperwork and tests for your employees);
- Delivering comprehensive programs at a “wholesale” price;
- Paying premiums as a tax deductible business expense;
- Improving the morale of employees, which helps to increase productivity;
- Providing financial security and support when your employees need it most.
Your BENEFITS specialists at HUB International recognize that there is no set plan that works for every organization. We understand that your business is constantly changing and, hence, so will the dynamics of your Benefits Plan. We also understand that your plan must work for both the company and your employees; coverage and value must be balanced with the costs of the plan.
You should consider your budgets and whether you want a plan that reflects costs on a percentage of payroll or a flat amount per employee. Do you want to offer the same level of coverage to all of your staff or do you want varying degrees of coverage based on seniority or levels of responsibility?
We’re committed to making sure you understand what coverage is most important in protecting your staff and at what cost. We’re also committed to customizing the right solution for your company (recognizing that a plan that works for a group of 15 employees may not work for a company of 50). Our holistic approach to Employee Group Benefits Plans is part of what sets us apart from others in the marketplace. We begin with a full analysis of your specific needs or an assessment of your existing plan. Whether your goals are to reduce costs, maximize value or enhance your corporate culture, we will design a customized solution for your company. We provide detailed quotes so that you fully understand your options. We then implement and manage your Employee Benefits Plans with a view to offering immediate and long-term savings while delivering the best administration and service.
Group Pension Plans
Companies choosing HUB International BENEFITS as their agent of record on Group Pension Plans and Group RRSPs make a statement to your employees on the strength of the services that are provided to your company and your plan members.
First and foremost, your organization will have the satisfaction of knowing your employees are educated and actively encouraged to use the various investment tools at their disposal. You will also take comfort in knowing the plan is designed in full compliance with CAP Guidelines. You will also have the ability to renegotiate plan costs to ensure competitive pricing on management fees.
By working with us, you will gain access to a comprehensive menu of funds (Canadian & International Equities, Balance Funds, Bonds, Term Deposits, etc.) and Certified Financial Planners with experience in both investing and life and health risk management. What’s more, we provide “wholesale” instead of individual “retail” investment management fees.
Employee education is fundamental to our approach. Your employees will have access to educational seminars and information on:
- Money Management – net worth statements, budgeting and the effects of compound interest on savings
- Debt and Credit – the importance of building credit, reducing high interest debt and the basics of leveraging
- Investing – risk / return correlation, investment vehicles, long-term investing vs. speculative investing
- Risk Management - insurance products for those with and without dependents
- Life Events – the early years, marriage/partnerships, births and deaths – How financial planning fits into different life events
- Retirement Income Planning – exploring the various retirement income sources and options
- Retiree Benefits – Choosing the best health and dental insurance plan
- Wills & Estate Planning – the importance of wills, beneficiary designations, proper estate planning and their updating as the years go by
By working with HUB International BENEFITS and using Our Knowledge and special services to Your Advantage, you will set yourself apart by working with a company who actively manages your account and takes the same interest in the financial well-being of your staff as you do.
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Many progressive companies offer Group RRSPs to their employees. Group RRSPs are often an essential element in attracting and retaining talented employees. Our approach to that end is holistic: We look to develop strategies in RRSPs that complement your initiatives in Group Pensions and Individual Pensions. Many of the same principles outlined for Group Pensions above apply to the way we work with companies such as yours to ensure employees have access to the best Group Registered Retirement Savings Plans.
Individual Pension Plans (IPPs)
HUB International BENEFITS also offers Individual Pension Plans. IPPs are one-person maximum defined benefit pension plans which allow members to accrue retirement income on a tax-deferred basis.
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Most successful companies have a team of highly-skilled and experienced executives committed to maintaining a prosperous operation. These executives or “key people” generally receive a higher level of compensation than most as a result of their increased responsibility.
A comprehensive menu of custom coverage is a vital component of a successful executive compensation package.
We offer traditional benefits such as:
- Key Person Term Life + Whole Life Insurance
- Key Person Income Protection / Key Person Disability Insurance
- Key Person Critical Illness
- Key Person Private Health Services Plan
- Key Person Health and Dental Top-Ups
- International Travel – we offer disability and personal accident coverage to Canadians traveling anywhere in the world.
- Expatriates – we offer life, disability and personal accident coverage to Canadians living anywhere in the world.
- High Income Top-Ups – we offer much higher replacement ratios for DI cases on high income earners (AND we do not consider unearned income and net worth).
- Large Disability Buy-Sell, Key Person and Business Overhead needs – our limits are much higher than those available in the regular market.
- Executives losing group LTD at age 65 – where traditional disability ends at 65, our products are able to insure you after the age of 65.
- Short Term needs – we can provide coverage for as little as 1 day when needed.
- War Risk – we can provide coverage to fill in for war exclusions in personal or association coverage.
- Unique Occupations – we offer disability coverage to actors, entertainers, artists, athletes and other occupations not insurable in traditional markets.
- Termination with Severance – we offer Transition LTD, a unique DI product we designed specifically for this market.
Health and Welfare Trusts
HUB International BENEFITS offers Flexsave, a Health and Welfare Trust (HWT) plan that helps self-employed individuals and incorporated companies by paying your health and dental expenses in a tax-effective and cost-efficient manner.
Flexsave works differently than traditional group or individual health and dental insurance programs in that there are no ongoing premium payments required following a one-time set-up fee of $250.
Here’s how it works: Your company enters into a contract with HUB Financial Inc. for the indemnification of an employee’s health/dental benefits, whereby the company agrees to provide funding for these expense amounts and the applicable fees and taxes up to a limit the company sets in advance. The total amount paid by your company is 100% tax-deductible to the business and your employee receives a tax free benefit.
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Benefits for U.S. employees
Canadian companies often have difficulty in placing coverage for their U.S. employees. That is an area of expertise for our BENEFITS specialists at HUB International. Working with us on your Employee Benefits program in Canada means you also have access to one of the largest networks of Employee Benefits consultants in the U.S. as well. Let us do the work for you! Wherever your U.S. employees are based, we’ll make sure they are covered.
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Special Programs & Services
As our Baby Boomer generation moves into retirement, more and more companies are considering protection for their employees in their golden years. Continuing benefits coverage after you’re done working is an important part of retirement! You and your spouse are eligible to enroll for retiree coverage provided you:
- Have been covered under an employer-sponsored group benefits plan while employed;
- Apply between the ages of 50-75 (inclusive)
- Are a Canadian resident; and
- Are currently covered by a provincial/territorial health plan
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HUB International BENEFITS is fully-dedicated to Employee Group Benefits Plans, Group Pension Plans, Group RRSPs and Individual Pension Plans (IPPs). That specialized focus of our BENEFITS practice gives your company the kind of unparalleled knowledge and expertise you need to serve your needs and those of your employees.
Yet one of the fundamental advantages of working with HUB International is our access to the knowledge and expertise of our other Specialty Practices. If your company operates in the Marine industry, for example, we’ll ensure that you benefit from the expertise of our HUB International MARINE specialists. We also have access to the most experienced specialists in:
- Mining Insurance
- Directors & Officers Liability Insurance
- Hospitality Insurance
- Transportation Insurance
- Fine Arts Insurance
As the largest insurance broker in British Columbia, HUB International also features specialists in General Commercial Insurance, Personal Insurance and Auto Insurance.