Many professional associations have negotiated arrangements with insurance companies to offer their members access to life, health, and disability insurance products.
These arrangements typically take the form of an exclusive endorsement of the insurer by the association.
In exchange, the insurer provides exclusive rates and benefits to the membership and shares a portion of the revenues from the sales with the association to benefit the member services.
Generally speaking, most association plans have similar advantages and disadvantages as an employee group benefits plan.
As with a Group Benefits Plan, the rates are competitive and relatively low; however, the benefits are more restrictive than an individual plan, not guaranteed, and may be cancelled if you are no longer a member of the association.
Fortunately, there are some associations programs that are exceptions to this rule. These associations have successfully blended the best features of group and individual insurance programs into a single offering.
One such exception is the insurance program administered by Manulife and offered through Engineers Canada (Canadian Council of Professional Engineers) and its provincial constituents (e.g. APEGA, APEGM, APEGNB).
This program combines the economies of scale of a group insurance plan, with the superior features and benefits of an individual insurance contract.
Effectively, this enables you, the member, to obtain terms, conditions, rates and benefits not available on an individual basis in the commercial marketplace that are portable throughout your career(s).
As a member of the provincial engineering associations (e.g. APEGA, APEGM, APEGNB), technician associations (ASET, CTTAM, NBSCETT), and architect association (MAA) you are eligible for these exclusive products, as well as professional advisory services from experienced advisors at Garrett Agencies.
Professional advice is a valued benefit that comes at no additional cost, and ensures your needs are properly met at the lowest possible cost with a customized plan.
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