--- title: Building your Group Benefits Plan Part Three – Life description: While we know how important it is to have insurance for our home and cars, many people can forget the importance of life insurance as well. Offering this benefit to your employees can give them added peace of mind should anything happen to them or their loved ones. image: https://blog.equitable.ca/hubfs/pexels-photo-755049.jpeg --- [![MyFlex-Benefits-Wordmark_EN-ClearSpace-1](https://blog.equitable.ca/hs-fs/hubfs/MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png?width=210&height=35&name=MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png "MyFlex-Benefits-Wordmark_EN-ClearSpace-1")](https://info.equitable.ca/myflex-benefits?hsLang=en-us) - [The myFlex Difference](https://info.equitable.ca/myflex-difference) - [How myFlex Works](https://info.equitable.ca/myflex-how-it-works) - [Decision Tool](https://info.equitable.ca/my-flex-decision-get-started-new) [![Contact Us](https://no-cache.hubspot.com/cta/default/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb.png)](https://cta-redirect.hubspot.com/cta/redirect/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb) - [English - United States](https://blog.equitable.ca/building-your-group-benefits-plan-part-three-life) - [Français - Canada](https://blog.equitable.ca/fr-ca/building-your-group-benefits-plan-part-three-life) - [The myFlex Difference](https://info.equitable.ca/myflex-difference) - [How myFlex Works](https://info.equitable.ca/myflex-how-it-works) - [Decision Tool](https://info.equitable.ca/my-flex-decision-get-started-new) [![MyFlex-Benefits-Wordmark_EN-ClearSpace-1](https://blog.equitable.ca/hs-fs/hubfs/MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png?width=210&height=35&name=MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png "MyFlex-Benefits-Wordmark_EN-ClearSpace-1")](https://info.equitable.ca/myflex-benefits?hsLang=en-us) [![Contact Us](https://no-cache.hubspot.com/cta/default/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb.png)](https://cta-redirect.hubspot.com/cta/redirect/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb) - [English - United States](https://blog.equitable.ca/building-your-group-benefits-plan-part-three-life) - [Français - Canada](https://blog.equitable.ca/fr-ca/building-your-group-benefits-plan-part-three-life) [![Equitable-Logo-TM-Horizontal-White-RGB-800px](https://blog.equitable.ca/hs-fs/hubfs/Equitable-Logo-TM-Horizontal-White-RGB-800px.png?width=120&height=30&name=Equitable-Logo-TM-Horizontal-White-RGB-800px.png "Equitable-Logo-TM-Horizontal-White-RGB-800px")](https://www.equitable.ca/) ![](https://blog.equitable.ca/hubfs/pexels-photo-755049.jpeg) [Employee needs](https://blog.equitable.ca/topic/employee-needs) | 1 min read # Building your Group Benefits Plan Part Three – Life Written by [Equitable Life](https://blog.equitable.ca/author/equitable-life) Feb 26, 2018 3:42:00 PM ![pexels-photo-755049](https://blog.equitable.ca/hubfs/pexels-photo-755049.jpeg) While we know how important it is to have insurance for our home and cars, many people can forget the importance of life insurance as well. Offering this benefit to your employees can give them added peace of mind should anything happen to them or their loved ones. Most employers will offer a life insurance option to their employees as a mandatory part of the group benefits plan. There are three basic options for life insurance – life and accidental death and dismemberment (AD&D), optional life and AD&D, and dependent life. **Life** The mandatory life option can be offered in one of two ways – a flat amount of life insurance coverage, or an income based benefit of one, two or three times the employee’s income. **Optional Life** Optional life coverage is additional coverage employees can purchase on top of their basic coverage. This is normally offered in increments of $10,000, up to a maximum of $500,000. **Dependent Life** Dependent life is an optional benefit that covers a plan member’s dependents. Optional life coverage can also be purchased for these policies. When designing your benefits plan, the most important thing to do is find what options work best for you. There is no one-size-fits-all plan. In our next post, we will talk about short term disability plans and all the different options available for this benefit. [![Find out which style of benefits plan is right for you with our 2-step decision tool](https://no-cache.hubspot.com/cta/default/3012629/51be2d05-7a3e-431c-b6eb-4bbc259c39a7.png)](https://cta-redirect.hubspot.com/cta/redirect/3012629/51be2d05-7a3e-431c-b6eb-4bbc259c39a7) Previous Story [← Building your Group Benefits Plan Part Two – Dental](https://blog.equitable.ca/building-your-group-benefits-plan-part-two-dental?hsLang=en-us) Next Story [Building Your Group Benefits Plan Part Four – Long and Short Term Disability →](https://blog.equitable.ca/building-your-group-benefits-plan-part-four-long-and-short-term-disability?hsLang=en-us) ## You May Also Like These Stories on Employee needs [![](https://blog.equitable.ca/hubfs/Carly%20Holm%20-%20resized.jpg)](https://blog.equitable.ca/benefits-flexibility-humani-hr?hsLang=en-us) [Employee needs](https://blog.equitable.ca/topic/employee-needs) ### [For Humani HR, it’s all about flexibility](https://blog.equitable.ca/benefits-flexibility-humani-hr?hsLang=en-us) Jul 6, 2022 11:31:07 AM | 2 min read [![](https://blog.equitable.ca/hubfs/GettyImages-596374144.jpg)](https://blog.equitable.ca/benefit-trends-to-look-for-in-2022?hsLang=en-us) [Attracting top talent](https://blog.equitable.ca/topic/attracting-top-talent) ### [Benefit Trends to Look For in 2022](https://blog.equitable.ca/benefit-trends-to-look-for-in-2022?hsLang=en-us) Feb 9, 2022 10:06:45 AM | 3 min read [![](https://blog.equitable.ca/hubfs/Business%20Cafeteria%201200x675.png)](https://blog.equitable.ca/group-benefits-plans-fixed-menu-or-cafeteria-style?hsLang=en-us) [Employee needs](https://blog.equitable.ca/topic/employee-needs) ### [Group benefits plans – fixed menu or cafeteria style?](https://blog.equitable.ca/group-benefits-plans-fixed-menu-or-cafeteria-style?hsLang=en-us) Nov 11, 2019 9:01:05 AM | 2 min read ### Subscribe by Email #### Equitable One Westmount Road North P.O. 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