Group Critical Illness Insurance

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Why Group Critical Illness?

Critical Illness Cover pays a lump sum benefit should a member of staff suffer a serious illness.

The most common conditions which are covered include cancer, heart attack and stroke.

Additional benefits often include an Employee Assistance Program and Best Doctors Service.

21% of people have suffered long term ill health during their working life. Met Life 2012

What is it for?

What does Group Critical Illness cover?

Critical illness insurance pays out a lump-sum provided an employee suffers a critical illness condition that is specified in the policy terms. Most group schemes cover around 12 core critical illness conditions.

Commonly covered critical illnesses…

1. Cancer

4. Multiple Sclerosis

2. Heart Attack

5. Motor Neurones Disease

3. Stroke

6. Parkinson’s Disease

Although cancer, heart attack and stroke represent the causes for up to 80% of claims, it is possible to add cover for around an additional 20 conditions with some insurers.

What does it cover?

How does Group Critical Illness work?

Stage 1:
An employee suffers a critical illness condition covered in the policy.

Stage 2:
The business assists the employee in making a claim with the insurer.

Stage 3:
The insurer pays the sum assured to the business as the policy owner.

Stage 4:
The business then pays the funds to the employee (tax-free).

How does it work?

Your Key Policy Options

Level of cover

The level of cover is usually set as a multiple of basic salary before tax, although fluctuating emoluments can be covered with some insurers.

Tip: It is common for the level of cover to range from one to two times basic salary, on average, although some organisations do provide higher levels of cover.

Length of cover

Although group schemes are reviewable annually the plan can payout at any point up to a certain age, which is usually set in line with the company’s retirement age.

Tip: It was common for schemes to run until age 65 but with the removal of the fixed state pensionable age plans should now run until ‘age 65 or State Pensionable Age’.

What are our options?

Our Delivery

Being Independent Insurance Advisers we pride ourselves on being the experts, knowing every insurance product we offer inside out and back to front. Here’s how we work –

The Fact Find:
We will talk you through the options available and capture vital information about the employees to be covered.

The Research:
We go out to all leading group insurers to gain the most competitive premiums.

The Report:
We email you a short report with pricing and insurer recommendations for the various options we’ve discussed. When you are happy to go ahead in many cases we are able to complete the application for you over the phone.

How can we help?
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5 Star Review
Fantastic Service!
Simon Bateman - 02/05/2016

Super service from James from start to very quick finish. He was efficient and knowledgable about the products available to myself, and guided me to the right policy for me.

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Ben Dovaston - 05/04/2016

Highly recommended! Initially I was a bit overwhelmed with the various products on the market, but after a few conservations with Drewberry got the advice I was looking for and at a very competitive price too.

What is group critical illness insurance?

Group Critical Illness has become more and more important since its introduction. We all know the statistics surrounding cancer and other life-threatening illness such as heart attack or stroke. Any such event can be life changing both in an individual’s personal and working life.

Critical illness cover provides a tax-free lump sum should an employee be diagnosed with any of the critical illnesses listed in the policy terms. The most common conditions covered include cancer stroke and heart attack.

Do we need critical illness cover?

With the right support, many people diagnosed with a serious illness are able to make a full recovery and return to work. During difficult times, the last thing an individual wants to worry about are their financial obligations and as such a great way to support your employees is with a lump sum payment which they can use as they wish.

This simplest way of providing this financial support is through a critical illness policy, it minimises the pressure around how to provide financial support for those employees absent from work after suffering a critical illness.

The lump can be used to cover the costs of the best medical treatment or make alterations to their living arrangements should they require. Many policies have the added benefit of providing an assistance program providing support to the employee during their recovery and their return to work when possible.

Group policy options

There are a range of factors which affect your premiums some relating specifically to your organisation others relating to the level of cover we will discuss both in further detail below.

Level of cover

The level of cover is often designed as a multiple of salary. On most policies the maximum benefit is set at 4 x salary to a maximum benefit of £500,000.

The greater the level of cover you provide your employees the more expensive the premiums, in addition to this the greater the sum assured the more likely an employee is to require manual underwriting.

Range of Employees Covered

The policy can be set up to cover certain groups of employees; cover could be set by a grading structure or position within your organisation.

Whatever you choose the premiums will be based on the group risk, the higher the salaries and the older the age of your population covered the more expensive the premiums will be per head.

Range of illnesses covered

A basic illness list is likely to cover a dozen of the most competitive critical illnesses; the comprehensive plan will add an additional 20 or so conditions to the policy terms. The greater the level of cover you require the higher the risk of a claim occurring and thus the greater your premiums.

Including total permanent disability

Total permanent disability is often an additional option on a plan and does not cover an illness per se but covers an employee should they be unable to work in their own occupation should they be made totally and permanently disabled for any reason.

Additional information

If you are reviewing an existing scheme or looking to introduce a new group critical illness insurance arrangement then we are in a great position to help you.

With our knowledge of the insurance industry and your understanding of your organisation and employees, together we can implement the most appropriate cover and ensure the most competitive premium rates from the insurers.

If you are looking to cover less than 3 employees you may well need to consider personal critical illness cover for each employee.

Our Mission...

We are insurance experts passionate about educating our clients and providing a 5-star service.

We are here to help you understand the financial risks you face so that you can make informed decisions when it comes to protecting yourself, your family and your assets.

Changing the world one policy at a time!

Frequently Asked Group Insurance Questions

We are an established partnership and are wondering whether given our set-up we can take out key person insurance for partners and employees?
We are a small firm considering keyman insurance as there are 4 or so key members of the team we would really struggle without. How would we go about placing a monetary value on these individuals?
We are considering setting up a business health insurance scheme for our employees and want to know they are covered for any treatment they may require. To ensure our employees can obtain cover for existing medical conditions I wanted to know how large the scheme needs to be before you can apply for medical history disregarded cover?