Why Provide Company Critical Illness Cover?
Cancer makes up the bulk of Group Critical Illness claims. According to Cancer Research UK, there were 359,960 new incidences of cancer in 2015 and someone is diagnosed with cancer every 2 minutes.
1 in 2 of us alive today born after 1960 will get cancer at some point in their lives.
Meanwhile, according to the British Heart Foundation:
- 7 million people in the UK live with cardiovascular (heart and circulatory) disease
- 3 million are living with coronary heart disease
- 915,000 have survived a heart attack
- Over 500,000 are suffering from heart failure
- About 1.2 million people have survived a stroke.
It is important to recognise that not all instances of the above will result in a successful claim, as policies usually pay out on the occurrence of a condition at or above a set severity as defined in the policy’s terms.
However, the above statistics give you an idea of how widespread serious health problems are within the general population.
Benefits for Employers…
As well as providing cover for your employees against cancer, heart attack, strokes and a range of other serious illnesses, there are a number of benefits to getting cover.
Investors in People revealed…
- Almost 1 in 5 UK employees are unhappy in their job due to a lack of benefits.
- 44% of UK employees considered company benefits to be one of the most important qualities that attract them to a new company.
The Chartered Institute of Professional Development undertook a survey which found 54% of people currently looking for a new job are looking for better pay or benefits, citing this as the main reason for their move.
For employers, an employee Critical Illness Insurance scheme has the potential to improve the quality of the business.
An impressive employee benefits package can:
- Attract new employees
- Improve employee retention and engagement
- Reduce stress and associated staff absenteeism.
Group Critical Illness Cover vs Income Protection
One other option to consider that may be more appropriate for your company and your employees is Group Income Protection.
Rather than paying out a cash lump sum in the event of an employee falling ill, Group Income Protection pays a proportion of the employee’s wages into the company should they be out of work, which you then distribute to the individual as a form of sick pay.
Company Critical Illness Insurance only covers a small number of very serious illnesses – the maximum illnesses covered by the market is fewer than 45. Group Income Protection, on the other hand, will cover your workers for anything that medically prevents them from doing their jobs.