Getting a group benefits plan for your employers is only one part of the process. As all the insurance companies want to bid on your business, they always come with very aggressive coverage rates. Many at times the business owners are not happy with the renewal package they get from their existing group benefits provider.
What all should I consider when I am choosing a group benefit coverage provider?
Well, the answer is cheapest might not be the best. You should consider for how long the rates are valid. Some insurance companies can guarantee the rates up to 24 months. As a new group benefits plan owner, you should consider the period of guarantee of rates. Most of the insurance company guarantee the rates for 18 months.
What is target loan Ratio?
Target loans ratio or TLR is a very basic way of determining which plan is better then the other if the TLR is 70% then insurance company is happy to pay out 70 cents of every dollar of premium collected to pay out claims. When the insurance company pays more in claims vs premium collected, they will for sure increase the renewal rates.How do I know that the renewal rates I got from the group insurance provider are good?
Your benefits specialist might be able to answer this or you can always call us for complimentary renewal of the group benefit plan.
When should I consider leaving my current benefit plan provider?
It is recommended to stay with one insurance company for at least 2 years as 2 years claims experience report to required by other companies to give the proposals. You should deal with an advisor who is not based towards any insurance company.
How can we help you with renewal process?
We have almost 15 years of experience in the industry, and we have ability to negotiate better rates from insurance companies on your behalf. For free consultation please call 416-839-4561.
English