Life Insurance for Employers

A Group Life Insurance Policy helps employers respond in a meaningful way to the untimely death of an employee, regardless of how the death occurs. By ensuring the financial security of your employees’ dependents, our selection of Group Life Insurance Policies can help you attract and retain the best talent.

Multiple Benefit Approaches

Whether you prefer a multiple of salary or a flat benefit, we can help you find a Group Life Insurance Policy that is right for you and your business.

 A Multiple of Employees' Salary  
 A Flat Benefit
 Typically, 1 - 4 times employees salary
 $10k   $50k   $100k


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Interested in learning more Our experienced representatives look forward to talking to you.

Why Choose Argus Group Life Insurance?

We understand your employees are what matters most. Following are additional advantages that are available with Argus policies that can help you attract and retain the best talent.

Living Assurance

An employee suffering from terminal illness may receive up to 50% of the life insurance benefit while still living

Additional Voluntary Group Life

Employees have the opportunity to purchase additional life insurance, as well as spouse coverage

Dependent Education Benefit

Coverage that pays benefits each consecutive year (up to a max of 4 years) for each dependent child's enrolled education

Help with Navigating Coverage

Our experienced representatives help current customers navigate multiple insurance coverages and obligations.

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Frequently Asked Questions

The Non-Medical Limit (NML) is the guaranteed amount of life insurance that an employee will receive upon enrolment. All amounts in excess of this amount are subject to satisfactory medical evidence of insurability. In other words, medical underwriting will be required for all excess amounts of insurance above the NML. NML’s vary by plan sponsor and are reviewed by the group underwriter every year during renewal.
The medical underwriting department should be advised of a death claim by the employer or policy owner.
Renewals occur for Group Life plans throughout the year. It depends on the anniversary date of the policy (i.e. the original policy effective date). For example, ABC Company insured for Group Life on November 1, 2012. ABC’s policy will renew on November 1st every year thereafter, unless otherwise stated.

Group Life premiums are calculated using the following formula: Premium rates are multiplied by the Volume of Insurance divided by $1,000 units of cover. The volume of insurance is determined by either a multiple of salary (e.g. 2 x annual salary) or a flat benefit amount (e.g. $5,000)

All rates are set by the Group Underwriters either during a quote or at renewal.

The Volume of Insurance depends on the Policyholder’s benefit and the employee’s approved benefit after medical underwriting.

An example of a Group Life Premium calculation would be:
$0.15 (rate) x $100,000 (volume)/$1,000 (units of cover) =$15.00 per month $0.04 (rate) x $100,000 (volume)/$1,000 (units of cover) = $4.00 per month.

Monetary benefits, which are payable to an insured’s beneficiary, depend on the covered employee’s benefit plan. The plan sponsor is the policyholder. The policyholder can take out a Group Life plan with a benefit as a multiple of salary or a flat life benefit. A flat life benefit is a lump sum amount determined by the demographics of the company.

At Argus we have a reduction clause, whereby an insured’s benefit reduces by 50% once they obtain age 65 up to a maximum benefit of $100,000. Most Group Life plans terminate coverage once an employee has attained the age of 70 years. Please note, group life plans do vary from one policyholder to the next.

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