Group Benefits & Life Insurance

Group benefits and life insurance play a pivotal role in safeguarding the financial well-being and peace of mind for individuals and their families. Group benefits, often offered by employers, encompass a range of essential coverages, including health, dental, disability, and retirement plans.

These benefits not only enhance the overall job satisfaction and retention of employees but also ensure they have access to critical healthcare and financial support when needed.

Life insurance, on the other hand, serves as a crucial safety net, providing financial protection to loved ones in the event of an untimely death. It eases the burden of funeral expenses and provides a financial cushion for beneficiaries, helping them maintain their quality of life.

Together, group benefits and life insurance contribute to a sense of security and stability, promoting the well-being and resilience of individuals and their families. Whether you're looking to invest wisely, plan for retirement, or secure your family's future, Oakway's financial services department is here to navigate the complexities and help you achieve financial success with confidence.

Our Role as Your Independent Broker

Oakway is an independent broker working on your behalf to secure competitive insurance products with coverage and terms that best protect your property and cover for liabilities you may incur.

The "independent" part of our role means we are not beholden to a single insurance company and your interests are always our priority. Our trained and licensed professionals: provide advice on markets offering the best price, coverage, and service; maintain your policies and manage mid-term changes; advocate for you in the case of policy issues and insurance claims.

The "broker" part of our job means we represent multiple insurance companies and provide services at costs insurers writing business directly would otherwise bear. Examples of assumed services and costs include: prospecting, marketing and business production; administrative and processing services; and travel expenses.

Additionally, Oakway provides value in technical expertise, local knowledge, customer relationships, and professional advice for you.

Compensation for our services and value-adds is paid in the form of a percentage of commission the insurer builds into your total premium. In the interest of transparency and full disclosure, we provide below a schedule of commissions sorted by insurer and product class.

Commission percentages apply to new business and renewal policies and are paid to the broker annually.

*The success of insurance companies relies on business selected and priced to ensure total premiums exceed claims paid. To encourage growth of profitable business in desired classes, many insurers provide incentives under Contingent (Profit) Commission contracts. An asterisk is shown in the chart above for companies offering programs.

Based on proprietary formulas involving: overall premium volume; growth percentages; profitability (loss ratio); business retention rates; and other service initiatives, we may qualify for compensation under the Contingent Commission programs of insurers. In addition, our principals or other personnel may be invited to attend periodic educational or sales conferences sponsored by insurance companies.

For information specifically related to commitments made by insurance companies, you can refer to the Consumer Code of Rights and Responsibilities provided with your new business policy, or refer to the corporate website of an individual insurance company.

Please do not hesitate to contact us if you have any questions related to this declaration or any other matter involving your insurance.

What You Can Expect From Us

The Canadian Insurance Services Regulatory Organizations (CISRO) is a forum of the provincial and territorial authorities that regulate insurance intermediaries. Its Principles of Conduct for Insurance Intermediaries set out the minimum standards of conduct expected of brokers, agents and adjusters across Canada, so that customers are treated fairly at every stage of an insurance product's life.

Here is what those principles mean in practice at Oakway Insurance.

The above is a plain-language summary. The full CISRO Principles of Conduct for Insurance Intermediaries, and the accompanying customer fact sheet, are published by CISRO and are available from us on request.