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Group Insurance provides a large mass of protection to a business owner and employees against financial drawbacks caused by Accidents, Sickness, and Death, these plans are designed to insure a group of people rather than 1 individual. Health insurance plans usually cost less for participants than individual plans that offer the same benefits. Eligibility for a group plan is based upon the group and not 1 individual person, This is because the risk is spread over the entire group, rather than 1 person. LCL Financial provides employee benefits from all of these major carriers.
Individual Insurance products are a kind of insurance policy where 1 single contract covers 1 single person. These Insurance plans are owned by the insured and are fully transferable, meaning that they can be moved from Province to Province, and do not rely on employment or any membership in some organization and can even be moved from individual to individual. The amount of coverage 1 person can have under an individual insurance policy is limited only by the person ability to show that the coverage he/she applied for is reasonable and supportable in the circumstances and by his/her ability to pay for the coverage. L.C.L. Financial offers a wide variety of insurance and investment options to provide the well being of individuals, families and business owners.
L.C.L. Financial acts as a broker for Third Party Administration with the leading Self-Insured Carriers. This can be viewed as outsourcing the administration of the claims processing, since the Third Party Administrator is performing a task usually done by the company providing the insurance or the company itself. In the case of Insurance claims, a Third Party Administrator handles the claim processing for an employer that Self-Insures its employees.