is cutting group health insurance premium for its employer-sponsored group benefits plans to help support small- and medium-sized businesses facing financial hardship because of COVID-19.

“Small- and medium-sized businesses are an integral part of the Canadian economy,” said

Premium reductions will help smaller businesses and their staff

Macoun said more than one million Canadians were laid off just in March and financial insecurity is growing across the country. The premium reductions will give more than 26,000 of Canada Life’s business customers some financial relief both for their businesses and to maintain coverage for their employees. “Unlike premium deferrals, these savings do not need to be repaid later and reflect that some healthcare service providers have shifted to virtual treatment, while others are offering more limited services.”

Dental premiums will be cut 50% and vision and extended healthcare, not including prescription drugs, will be lowered 20%. Canada Life says prescription drugs are not included in the premium cuts right now because they are essential and the number of claims have not dropped. “These factors will be re-assessed monthly until the pandemic and its impact on these claims has passed.”

Premium reductions effective for April

Beginning in May, Canada Life will apply premium reduction adjustments for the month of April, retroactive to April 1

The insurer says the steps are being taken in line with its participation as a presenting supporter of the