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How Much Does Group Critical Illness Insurance Cost?

I’m considering rolling out Group Critical Illness Cover for my employees across the company. Before I do, I was just wondering if you could tell me how much Group Critical Illness Insurance costs?

Question asked by Mrs K Taylor

The cost of Group Critical Illness Cover will be dependent largely on your workforce, as various factors will impact the level of risk each individual poses and it’s hard to offer quotes without any information about who’ll be covered.

To obtain Company Critical Illness Insurance quotes, we’ll therefore need a small amount of employee data so the insurers will be able to accurately price the risk and determine the premium.

How is Business Critical Illness Insurance priced?

Insurers will want to know the below information for everyone who’ll be covered before offering Critical Illness quotes so they can calculate the risk and benefit and therefore the premium:

  • Dates of birth – the cost of Critical Illness Cover rises as we get older because we’re more susceptible to illness or injury
  • Gender of employees –  men and women are statistically more likely to suffer from certain illnesses and so they’re priced differently
  • Occupations – riskier occupations (e.g. manual work over desk work) tend to attract a higher premium
  • Salaries – Company Critical Illness Insurance payouts are calculated as a multiple of employees’ salaries, so the insurer will need the salaries of everyone you’re looking to cover and the multiple you want to offer them
  • Whether everyone is ‘actively at work’ – an individual who’s on long-term sickness leave at the time of the quote may attract a higher premium, or have to be excluded from the cover depending on the nature of their illness.

What affects the cost of Group Critical Illness Cover?

The only real factor you can change that affects the cost of Critical Illness Cover is the multiple of salary you’re offering. Lower multiples of salary will reduce the cost of cover (most insurers cover up to a maximum of 5 times an employee’s salary or a pre-determined ceiling, whichever is lower.

Nadeem Farid Head of Employee Benefits at Drewberry

We don’t offer Group Critical Illness Insurance quotes online at Drewberry because there are a number of factors that can effect the price and we feel it’s always better sold alongside expert advice. That way, you can be certain you’re providing the benefit your employees need at a price sensible for your organisation.

If you have any further enquiries about the cost of Group Critical Illness Insurance or need any further help, please don’t hesitate to give us a call on 02084327333.

Nadeem Farid
Head of Employee Benefits at Drewberry

Drewberry set up our insurance and were really helpful and made it very easy. I was really pleased at how responsive they are and how friendly and easy they made the whole process. I am delighted to be working with them.

Tara Wavre
13/03/2019
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