Help employees protect the people who matter most
Group life insurance can strengthen your total rewards program by providing employees with financial protection for their loved ones if the unexpected happens.
Built around employee financial security
Strengthening your benefits program with group life insurance
Group life insurance helps employers provide meaningful financial protection for employees’ families while reinforcing the value of a robust benefits program. By offering coverage through the workplace, organizations can make life insurance more accessible, affordable, and easier for employees to maintain.
How group life insurance works
A practical benefit for employees and employers
Group life insurance is employer-sponsored coverage that provides a tax-free payment to an employee’s named beneficiaries if the employee dies while covered under the plan.
The organization purchases and administers the policy for eligible employees, while participating employees choose the beneficiaries who would receive the death benefit.
Group life insurance can benefit both employees and the organization:
For employees – Helps provide reassurance that their loved ones will be supported if they die.
For organizations – Supports a competitive benefits offering that can help attract and retain employees.
Explore group life insurance coverage options
Navacord helps organizations design, implement and manage group life insurance within a broader employee benefits program, giving employees access to meaningful financial protection through the workplace.
Term life insurance
Group life insurance is typically provided as term life coverage, with rates reviewed each year based on the demographics of the employee group. The benefit amount may be structured as a flat amount or as a multiple of annual salary.
Guaranteed coverage
Depending on the size and structure of your organization, eligible employees may be able to access coverage without completing medical questions or exams, making it easier to provide protection for their families.
Cost-effective protection
Because pricing is based on the characteristics of the employee group, group life insurance may be more cost-effective than individual life insurance coverage.
Why work with Navacord
A trusted partner for group life insurance
Navacord works with organizations to develop, roll out and administer group life insurance solutions that complement their overall employee benefits offering, helping provide meaningful support for employees and their families.
Independent advice
As an independent Canadian organization, Navacord provides objective guidance shaped by your workforce, budget, and benefits priorities.
Tailored plan design
Our advisors help structure coverage that aligns with employee needs and organizational goals, with clear recommendations that make plan decisions easier.
Ongoing support
From implementation to renewal, Navacord works alongside your team to help keep your group life insurance program streamlined, cost-effective and aligned with your benefits strategy.
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FAQs about group life insurance
Employers can set the benefit amount based on budget, workforce needs and overall benefits strategy. A common approach is to provide coverage equal to one or two times an employee’s annual salary, often subject to a maximum benefit limit.
Navacord advisors can help determine an appropriate coverage level that balances employee protection, plan design and cost management.
Eligibility for group life insurance depends on the terms of the plan and the insurer’s requirements. Employers may choose to offer coverage to eligible employees, such as full-time employees who have completed a probationary period, subject to any age, employment status or participation requirements.
Because coverage is connected to employment, employees typically lose access to the group life policy when they leave the organization unless a conversion option is available.
Navacord can help employers review eligibility rules and structure coverage in a way that reflects workforce size, budget and benefits objectives.
The cost of group life insurance varies by organization because insurers assess the risk profile of all employees together. Pricing may consider factors such as:
- employee demographics
- employee ages
- the type of work employees perform
Costs may change at annual renewal if staffing levels, demographics or coverage amounts change. Navacord advisors can help employers compare options and manage group life insurance within their broader benefits budget.
Default investment options should be selected with employees’ retirement outcomes in mind. Target-date funds or balanced funds are often used because they provide diversified exposure within a single investment option and can be easier for employees to understand than building a portfolio on their own.
With target-date funds, the investment mix typically adjusts over time based on the employee’s expected retirement date, becoming more conservative as retirement approaches. This can help support employees who are less engaged in investment selection while still keeping retirement readiness at the centre of the plan design.
A successful rollout starts with clear ownership and a practical implementation plan. Employers typically identify an internal plan lead, such as someone in HR, payroll or finance, to coordinate enrolment materials, payroll deductions, eligibility details, and employee questions.
Employee communications should explain how the plan works, why retirement savings matter, contribution options, employer matching, fees, withdrawals, and where employees can access additional support.
Yes. Navacord advisors can support plan implementation, employee education, and ongoing plan management. This may include information sessions, employee meetings, communication materials, and resources that help plan members understand the value of their group retirement and savings plan.
Group life insurance solutions