Critical illness insurance for business owners: the what, the why, the how
A critical illness can strike at any time.
No one, no matter how healthy, is immune.
The impact of a critical illness often extends beyond the individual, affecting families and work colleagues.
To mitigate the effects, company critical illness cover provides a comprehensive solution, offering support for both employees and employers in managing the financial and emotional impact of illness.
In this blog, we’ll delve into what counts as critical illness, explore what Group Critical Illness Insurance is, and discuss how to implement company critical illness coverage.
What Counts as Critical Illness?
Critical illnesses are severe and life-altering conditions that can impact an individual's health and financial stability. These illnesses can include, but are not limited to:
- Cancer
- Stroke
- Heart attack
- Kidney failure
- Major organ transplant
- Paralysis
- Severe burns
- Multiple sclerosis
- Alzheimer's disease
Facing any of these illnesses can be a daunting and emotional experience.
The financial burden that comes with extensive medical treatments can add to this stress. Macmillan's research reveals that 83% of UK cancer patients face an extra monthly expenditure of nearly £900, in addition to their standard living expenses.
Add to that the potential loss of income or other unforeseen expenses, and you can see how critical illness insurance provides a safety net, helping individuals cope with the financial aspect of their recovery.
The What: What is Group Critical Illness Insurance?
Company Critical Illness coverage is an insurance policy obtained by employers to safeguard their employees in the event of a critical illness.
This policy is typically a group insurance plan, providing coverage to all eligible employees under a single policy.
Bravo’s Group Critical Illness Insurance plan empowers you to offer your employees a lump sum payment of up to £500,000 or five times their annual salary upon diagnosis of specified critical illnesses.
What sets our Group Critical Illness Cover apart is its flexibility.
There are no constraints on how employees can utilise the funds. Whether for medical expenses, lifestyle adjustments, or income supplementation, the choice is theirs.
Curious to learn more? Get in touch.
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If you would like to find out more about our solutions, get in touch.
The Why: Benefits of Company Critical Illness Cover
Investing in Group Critical Illness Insurance brings a multitude of advantages to both business owners and their employees:
- Peace of Mind: Knowing that employees have financial protection in place in case of a critical illness can bring peace of mind to both the employer and the employees themselves.
- Employee Retention: Offering this coverage shows employees that their wellbeing is a top priority, fostering loyalty and potentially reducing turnover.
- Competitive Edge: In an era where top talent is highly sought after, providing critical illness insurance sets your business apart and enhances its appeal to potential hires.
- Financial Security: Employees can focus on their recovery without worrying about the financial consequences of their illness, such as medical bills, mortgage payments, or daily living expenses.
- Tax Advantages: Employers may be eligible for tax deductions or benefits for offering this coverage, which can offset the costs associated with implementing the policy.
The How: Implementing Group Critical Illness Insurance
Implementing Group Critical Illness Insurance in your business is a straightforward process:
1. Select a Reliable Provider
Bravo Benefits have over 12 years of experience specialising in developing customised solutions tailored to employer’s individual requirements. Our Advisors are fully qualified to offer advice on the best insurance products. They can walk you through the whole process, and you can have peace of mind that you get the coverage you need.
2. Determine Eligibility
Define which employees are eligible for coverage. In most cases, full-time employees are included, while part-time employees may have different eligibility criteria.
3. Choose Coverage Levels
Decide on the coverage levels offered to employees. Different plans can cover varying amounts, allowing you to tailor the policy to your business's budget and your employees' needs.
4. Communicate the Benefits
Ensure that employees are aware of the new coverage and its advantages. Clear communication is crucial for them to understand and appreciate this benefit.
Bravo Benefit’s Smart Hive digital platform is able to do just that, streamlining employee benefits access and allowing employees to access their accounts from anywhere.
5. Enrollment and Claims
Facilitate the enrollment process for your employees, and ensure they understand how to file a claim if needed.
6. Regular Reviews
Periodically review your Group Critical Illness Insurance policy to ensure it remains relevant and effective for your business and its employees.
Speak to one of our Advisors today.
Look after your staff with Group Critical Illness Insurance
Group Critical Illness Insurance is not just a benefit; it's a statement of care and support for your employees.
It provides peace of mind to both you and your staff while offering a competitive edge in the job market.
By taking the steps to implement company critical illness cover, you're not only safeguarding your employees' financial security but also solidifying your business as a responsible and caring employer.
With employee well-being becoming a standard across most industries, this insurance is more than an option – it's a necessity.
So, invest in your employees, and they will invest in your business's success.
