Canadian Underwriter

Great American offers supplemental employment insurance in British Columbia through BFL

April 15, 2016   by Greg Meckbach

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The Canadian branch of Great American Insurance Company is offering consumers coverage intended to supplement federal Employment Insurance benefits through brokerage BFL Canada Risk and Insurance Services Inc., BFL announced Thursday.

BFL is selling the Great American coverage, dubbed SalaryGuard, in British Columbia.

“It will be offered in other provinces in the future,” brokerage BFL stated.

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SalaryGuard “will replace up to 55% of a worker’s former wages in the event of involuntary job loss,” BFL Canada added.

The “basic rate,” for most people, for calculating employment insurance benefits in Canada is 55% of their “average insurable weekly earnings, up to a maximum amount, the federal government says.

“As of January 1, 2016, the maximum yearly insurable earnings amount is $50,800,” the federal government explains. “This means that you can receive a maximum amount of $537 per week.”

The maximum weekly benefit payable from SalaryGuard is based on an annual income of $310,000.

SalaryGuard is not available to people who collected EI regular benefits in the past 24 months. They must have been at their current employer for at least six months.

“SalaryGuard provides gap coverage equal to the difference between 55% of the insured’s former weekly income and the benefits provided by the government,” BFL stated.

Federal EI benefits are not available to workers dismissed for misconduct or who voluntarily left their jobs without just cause. They may be available to workers who lost their jobs through no fault of their own and who are actively looking for work.

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