Group Critical Illness Cover gives your employees a tax-free cash lump sum if they become critically ill while employed by your company.
Most policies cover around 12 serious conditions. However, the most common illnesses employees claim for are:
- Heart attacks
You can provide your staff with cover between 1 and 5 x basic annual salary.
This cash lump sum can help with everyday expenses as well as cover the cost of any lifestyle changes that may be needed due to a serious illness.
Do We Need Employee Critical Illness Cover?
Everyone faces a very real risk of critical illness during their working lives.
Benefits For Employers
As well as covering your employees against cancer, heart attack, strokes and other serious illnesses, there are a number of additional benefits to getting cover.
For example, 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 factors attracting them to a new company.
Offering Critical Illness Cover sends a clear signal you value workers and are there to support when they need it most. An impressive employee benefits package can:
- Attract new employees
- Improve employee retention and engagement
- Reduce stress and associated staff absenteeism.
More than ever insurers are trying to support their clients with absence management and employee engagement.
Many have introduced everyday tangible benefits that work with the cover. For instance, this might include digital GP services, physio programs, mental health helplines and nutrition / fitness programs.
Benefits For Employees
As a nation we are severely under-protected. Our individual protection survey found only 9% of those surveyed had personal Critical Illness Cover.
Meanwhile, many chose not to take out Life Insurance because they thought it was too expensive.
Anything an employer can therefore do to close this protection gap can make a significant financial difference should an employee become seriously ill.
What Do Employees Use Critical Illness Insurance Payouts For?
Employees can use a Critical Illness Cover payout however they see fit. Once they receive the funds from the scheme, employees can:
- Adapt a home to accommodate a new disability
- Pay for medical treatment potentially not yet provided by the NHS due to cost, such as cutting-edge cancer drugs
- Cover the cost of medical / mobility equipment
- Pay off a mortgage
- Stay afloat financially if the illness prevents them from working.
It’s not just about offering offering employees a safety net if they develop a serious illness. There are also a number of everyday benefits that are often provided free alongside Group Critical Illness Cover. These additional benefits, in particular digital GP services, are hugely popular with employees.