How Much Does Group Critical Illness Insurance Cost?

I’m considering rolling out Group Critical Illness Cover for my employees. 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 is dependent largely on your workforce. Various factors impact the level of risk each individual poses and it’s therefore hard to offer quotes without information on just who the policy will cover.

To get Company Critical Illness Insurance quotes, we’ll therefore need a small amount of employee data. This is so the insurers are able to accurately price risk and determine your organisation’s premium.

How Much Does Business Critical Illness Insurance Cost?

Insurers will want to know the below information for everyone the policy will cover before offering Critical Illness quotes:

  • 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. This means 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. Alternatively, the insurer may exclude them from cover depending on the nature of their illness.

As you can see from the above, it’s hard to offer instant online quotes for Critical Illness Insurance for businesses.

Moreover, at Drewberry we also 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.

What Affects the Cost of Group Critical Illness Premiums?

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, usually £500,000, whichever is lower.

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

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