Company Critical Illness Cover: The Corporate Solution to Illness Management
Critical illness does not discriminate.
Regardless of your role, background or pay salary; anyone can be affected, from management to admin, technicians to HR. Critical illness affects the individual who is diagnosed but also their families and colleagues.
The impact is also felt in the workplace; the ill employee cannot make the valuable contributions they once did, and other staff members have to take up the slack whilst they recover (if they can). In fact, 26% of all sickness absences in 2021 in the UK were caused by illnesses such as critical illnesses. There are few companies in the UK that will not be touched at some point by the effects of critical illness amongst their staff.
In such scenarios, it is important to have a support system in place that can help in managing the financial and emotional impact of the illness. This is where company critical illness cover comes in, offering a comprehensive solution to illness management for both employees and employers.
What's critical illness cover?
Company critical illness cover is a type of insurance policy that is taken out by an employer to cover their employees in the event of a critical illness. It is typically a group insurance policy, which means that all eligible employees are covered under a single policy.
Our Group Critical Illness insurance plan allows you to give your employees a lump sum of up to £500,000 or five times their annual salary if they are diagnosed with a specified critical illness. Our benefit covers critical illnesses such as heart attack, cancer and stroke, and the cover can be expanded to include other conditions.
Our Group Critical Illness Cover is unique in that there are no restrictions on how your employees can spend their money. It can be used to cover the costs of medical treatment, make lifestyle changes, or supplement lost income.
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Why is Company Critical Illness Cover Important?
1. Provide financial support
The diagnosis of a critical illness can be devastating, both emotionally and financially. The costs associated with medical treatment and recovery can be substantial, and many employees may struggle to maintain their standard of living while they are unable to work. By offering critical illness coverage, employers are providing their employees with valuable financial support in the event of a critical illness, helping them to manage the impact of the illness and reduce their stress and worries.
2. Improve retention
Moreover, the support offered by company critical illness cover can be an important factor in employee retention. Employees are more likely to remain with an employer that provides a supportive and inclusive environment, and the provision of critical illness cover can be seen as a sign of the company's commitment to their wellbeing.
3. Reduce risk
Closely tied to the previous point, employees who have business critical illness cover supplied by their employer are more likely to remain in their role, as the security the insurance cover offers reduces the financial risk that they and their dependants might face should they fall victim to a critical illness. They stay in their role, as it is riskier to move elsewhere that may not provide the same level of cover. Children are automatically included in our Group Critical Illness cover for up to 25% of the member’s lump sum. Spouses can also be added at an additional charge, meaning the whole family can benefit from the scheme.
How Does Company Critical Illness Cover Work?
A Group critical illness policy is underwritten by an insurance company and the premium is typically paid by the employer. The coverage is typically linked to the employee's salary, and the benefit is payable if the employee is diagnosed with a specified critical illness, such as cancer, heart attack, or stroke.
In the event of a critical illness, the employee must submit a claim to the insurance company, providing proof of diagnosis and other relevant information. The insurance company will then assess the claim and, if it is approved, pay the benefit to the employee.
Manage illness, retain staff
Company critical illness cover is a valuable employee benefit that can help to manage the impact of a critical illness on both employees and employers. By providing financial support and other benefits, it can help employees to maintain their standard of living and reduce their stress and worries. Additionally, by offering this type of insurance, employers can demonstrate their commitment to the well-being of their employees, which can be an important factor in employee retention. If you're an employer looking to offer your employees a comprehensive solution to illness management, consider offering Group Critical Illness cover.
