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CHOICE, ADVICE
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Group or individual life insurance?

Section conseils - Assurance vie collective ou individuelle

The benefits package at the company you work for includes group life insurance? That’s great! You now have term life insurance equal to one time your salary (or two times, if you were able to buy a second increment and took advantage of this option). You should note, however, that even though your group insurance can provide good basic life insurance—especially if your employer pays a portion of it—it may not be enough to cover your needs or help you achieve your goals.

In this article:

What is group insurance?

Group insurance is an insurance plan offered by some companies to their employees or members. Membership is mandatory when offered by your employer. The employee, although covered, does not own the contract but remains insured as long as they are part of the organization.

What do most group insurance plans cover?

Group insurance coverage varies from organization to organization. In addition to life insurance, they may include prescription drugs (because the program offered by Régie de l’assurance maladie du Québec [RAMQ] is only for those who do not have access to a private plan. As a result, all employees who have a group plan offered by their employer are required to join) ; disability (short-term and long-term); AD&D (accidental death and dismemberment); serious illness; dental care; travel insurance; and more.

What happens if I lose my job or change employers?

If you lose your job, change employers, become self-employed or retire, in the vast majority of cases you are no longer covered by your group insurance. However, you should be able to convert your group insurance to individual insurance without proof of health. The premium will be based on your age at that time. But another good solution to meet your life insurance needs would be to purchase individual life insurance, possibly at a lower cost, and without the risk of losing that coverage if your work situation changes (more info here).

For future retirees, it is also possible to convert all or part of your group life insurance to individual insurance, but premiums can increase significantly due to your age, health, etc. So it’s important to keep in mind that the younger you are when you purchase individual insurance, the lower the cost.

What is the difference between group and individual insurance?

Group life insurance is, in a way, term life insurance. However, there are some differences between the two options.

Group insurance
Individual insurance

The organization is the policyholder and has control over any changes or cancellations. 

You are the policyholder.

The amount of insurance is always calculated as a multiple of your salary.

You decide on the amount of insurance based on your personal needs and goals.

Premiums are based on group-wide factors and are subject to change.

Premiums are set according to your factors and are guaranteed according to the policy chosen. They cannot be changed without your consent.

If you change jobs or retire, your insurance ends. You will no longer be insured.

No matter how your employment situation changes, your coverage does not change.

Normally, you do not have to provide proof of health for the first increment of insurance.

Normally, you must provide proof of health.

Sometimes, you have the option of adding your spouse and dependent children to your insurance coverage.

Sometimes, you have the option of adding your spouse and dependent children to your insurance coverage.

Here are some differences that provide a clearer understanding:

But why not consider both?

Since your financial situation is likely different from that of your coworkers, it may be beneficial to assess your personal situation by analyzing your life insurance needs. We encourage you to contact a Matcha Insurance Financial Consultant for assistance, to properly determine your personal needs and goals and obtain additional information before adding increments to your group plan. This is because you could meet your life insurance needs with individual life insurance at a lower premium cost and without the risk of losing that coverage if you change jobs.

The following example illustrates this type of situation:

Maëlle, 31, has been working in a company for 5 years now. At the time she was hired, she enrolled in her employer’s group insurance plan. With her annual salary of $50,000, she therefore has $50,000 in coverage. Since she started, she has bought a house and had a child.

She recently had the opportunity to change jobs for a better salary. She will now earn $65,000. With all these changes in her life, she decides to do an analysis of her life insurance needs. She learns that in order to cover the loss of her income and pay her mortgage in the event of her death, she needs $300,000 in coverage. Her new employer offers her group insurance. She takes out $65,000, which is her annual salary, and her employer allows her to add an increment that would cover her for $130,000 in total.

As Maëlle does not want to take the risk of losing this coverage if she changes jobs in the future, she takes out $200,000 in individual insurance that will cover her up to age 80 for a monthly premium of $21.00 that will not change for the next 15 years.

As you can see, while group insurance offers good basic coverage, not relying solely on it as a form of protection is beneficial, because, in the long term, being able to rely on protection that truly meets your needs and those of your loved ones, in terms of cost and duration, is really wise.

On the same subject

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Abraham Daoud Junior Diabaté 
FINANCIAL SECURITY ADVISOR

Abraham is a versatile professional with strong language skills in French, English and Portuguese. He also boasts an extensive background in finance, insurance sales, and technical banking support.

With six years of experience in customer service and sales to his name, he is a master at managing multiple client files simultaneously and draws on an in-depth knowledge of financial products and banking services. His expertise also extends to the areas of compliance, anti-money laundering, and credit and investment product management. His ability to work in fast-paced, stressful environments and his finely honed communication skills only strengthen Abraham’s reputation as an accomplished professional. He has achieved notable success in his career, hitting sales targets and earning official recognition from company leadership for his contributions.

As a Matcha Insurance financial services advisor, Abraham is now on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Ginette St-Laurent
Ginette St-Laurent
FINANCIAL SECURITY
ADVISOR

Known for her natural ability to advise, Ginette is highly valued by her clients.

Ginette holds an AMF accreditation in personal insurance and is a member of the CSF. She is a seasoned financial security advisor with extensive industry experience. Ginette’s expertise lies in providing financial services and advice.

During her career, she has worked at reputed financial institutions such as Industriel Alliance and National Bank, where she served as a financial security advisor. Through this experience, Ginette developed a thorough understanding of people’s personal financial needs.

As a financial services advisor for Matcha Insurance, now her mission is to make every effort possible to find you the best insurance coverage, wherever you are, based on your needs and financial means.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Marc Moisan
FINANCIAL SECURITY ADVISOR

Marc works with you, providing smart, conscientious, expert advice based on tons of experience.

Marc is coming on 20 years’ experience in property and casualty insurance as well as financial services. He’s a proud alumnus of Cégep de Jonquière and the Université du Québec à Chicoutimi.

And as a former personal insurance broker and financial services representative with the likes of Industrial Alliance, Infoprimes, and Bélair Direct, he knows it all, and that means solutions that are incredibly well suited to your needs.

Today as a Matcha Insurance financial services advisor, he’s on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Fatimata Dia
FINANCIAL SECURITY ADVISOR

When Fatima is on your case, you notice the difference. She’s right there—patient, attentive, meticulous—with insurance solutions that do exactly what you need them do.

Her ACS in customer service and degree in management inform 15+ years’ experience in client services. Before joining the Matcha Insurance team, her career included a multi-year position as financial security advisor with IA Financial Group.

That experience left her with the expertise both to help you understand your financial situation and to come up with insurance solutions personalized to your specific needs.

Now that she’s a Matcha Insurance financial services advisor, she’ll make sure you get the best insurance coverage based on your needs and financial capacity.

Laurent Goyette - Conseillers
Laurent Goyette
FINANCIAL SECURITY ADVISOR

Laurent’s proactive approach to finding the best insurance solution for each client and his sympathetic ear make him a trusted advisor.

Young and vibrant, Laurent has a mission to develop relationships of trust with his clients in the search for the best insurance of persons on the market.

Laurent listens to everyone’s needs and expectations and takes the time to explain all the intricacies of insurance policies in order to educate each of his clients about insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Sylvie Chartrand - Conseillère
Sylvie Chartrand
DIRECTOR OF OPERATIONS FINANCIAL SECURITY ADVISOR

With her expertise in improving administrative processes, Sylvie is a master of the art of mobilizing and engaging

Sylvie has a bachelor’s degree in business administration and accounting (B.A.A.) from the Université du Québec en Outaouais and has been a Financial Security Advisor licensed with the Chambre de la sécurité financière since 1994.

Financial security advice, business process coordination or administrative and financial management, Sylvie is able to skillfully combine all the ingredients needed to lead the firm’s operations. With more than 25 years’ experience in the financial services industry, on both the insurer and the distributor sides, she has strong expertise in accounting and compensation, as well as in improving internal processes and implementing innovative IT solutions.

Karl Lenz Gravenhorst - Conseillers
Karl Lenz Gravenhorst
FINANCIAL SECURITY ADVISOR

With an ongoing commitment to protect the future of my clients through life’s uncertainties, I promise to guide and inform you with full transparency so that you are able to make the right decisions.

I am Karl Lenz Gravenhorst, a financial security advisor for Matcha Insurance, a Quebec-based financial services firm. As a financial security advisor since 2014, I have more than six years’ experience in the banking and financial services industries. I belong to that young generation of professionals who have developed a passion for working with people and an aptitude for clearly explaining at-times complex concepts.

My mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Driss Labad - Conseillers
Driss Labad
Financial Security Advisor

With an ability to break things down in an easy-to-understand manner, Driss can clearly explain life and health insurance products and discuss their pros and cons.

With a master’s degree in computer science from the Université du Québec à Montréal and a bachelor’s degree in science, Driss has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held various positions in the life and health insurance industry, particularly with Industrial Alliance and InfoPrimes as a financial advisor. Decoding an insurance policy and reading between the lines holds no secret for him. The more specific your needs, the more effective he can be.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Anita Mpola Mbele - Conseillers
Anita
Mpola Mbele
Financial Security Advisor

Thanks to her keen analytical and synthesis skills, she will easily guide you through your process.

Anita Mpola Mbele is known for her thoroughness and professionalism. She quickly identifies her clients’ needs and supports them throughout their process.

She has worked as a financial security advisor since 2015 and has over five years of experience in managing the financial health of individuals, including roles at Industrial Alliance and Desjardins Financial Security. In addition, Anita has experience with life insurance products and in personal finance. She will be happy to help you and propose solutions that meet your needs.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Roberto Sepulveda - Conseillers
Roberto Sepulveda
Financial Security Advisor

Known for his analytical mind and ability to synthesize information, he will assess your needs in a thorough and capable manner

With a Master’s degree in Civil Engineering from the École de Technologie Supérieure de Montréal, Roberto has over 8 years of experience in financial services. Before joining Matcha Insurance, Roberto held a number of management positions across Canada, including at Desjardins Financial Security, London Life and United Chartering in Vancouver.

Drawing from his experience in life insurance, disability and critical illness files, and wealth transfer and investment portfolio maximization, he has the skills required to provide the best solutions to his clients. He pays close attention to his clients’ needs to design strategies that will meet their objectives.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Mickaël Miller - Conseillers
Mickaël Miller
Financial Security Advisor

Mickaël's thoroughness, his ability to listen and his drive make him a versatile advisor and unifier

With strong listening and analytical skills, Mickaël knows how to identify and understand his clients’ needs. His humour and drive also allow him to find new ways to take the analysis of his files to the next level.

A financial security advisor since 2015, Mickaël has over four years of experience in managing the financial health of individuals, including roles at RBC Insurance and Combined Insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Michael Stearns - Conseillers
Michael Stearns
FINANCIAL SECURITY ADVISOR

Known for his analytical skills and his judicious guidance and advice, Michael consistently rises to the challenge.

With a bachelor’s degree in business administration from the University of New Brunswick – Fredericton and a Certificate in Personal Finance from the Institute of Canadian Bankers in Montreal, Michael has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held several positions where he was involved in managing the financial health of individuals and businesses, particularly for National Bank Insurance and Freedom 55 Financial. Perfectly bilingual, Michael is also a mutual fund representative.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations:
    sylvie.chartrand@matchaassurance.ca
    Telephone: 1-844-532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Jean-Benoît Forgues
    Assistant Vice President, Legal Affairs and Compliance
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: jean-benoit.forgues@humania.ca
    Telephone: 1-800-363-1334 ext. 263
    or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.