Is group critical illness insurance worth it?

Did you know that a stroke strikes every 5 minutes in the UK?

That’s over 100,000 people every year suffering from this one critical illness alone.

With 25% of all sickness absences last year caused by critical illnesses, this is something most if not all businesses will have to manage. 

Group critical illness is a policy taken out by an employer to pay a tax free lump sum to an employee if they are diagnosed with a serious medical condition or they undergo a defined surgical procedure. 

By offering this cover, you are able to assure your employees and their families of support during such circumstances. 

The most common claims on Critical Illness Insurance include:

• Cancer (81% of female claims / 44% of male claims)
• Heart attack (26% of male claims / 3% of female claims)
• Stroke (10% of male claims / 2% of female claims)
• Multiple Sclerosis (7.5% of female claims / 4% of male claims)

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But why else is Group Critical Illness an essential workplace benefit? In this blog, we reveal all. 

First, though, what is group critical illness insurance?

What is Group Critical Illness Insurance?

Group critical illness insurance is a type of coverage that provides financial protection to employees in the event of a critical illness diagnosis. 

It is a policy offered by employers to their staff as part of their benefits package. 

Our Group Critical Illness Cover allows you to give your employees a lump sum of up to £500,000 or five times their annual salary if they fall ill with a critical illness. 

Group Critical Illness Cover offers total flexibility. Employees have the freedom to utilise the benefit as they see fit, whether it's for a healing holiday, home improvements to make any adjustments around the house, or to fund private medical care. 

They can opt for payouts at their preferred intervals, be it monthly, quarterly, or annually, ensuring they receive support tailored to their unique needs.

Find out more about our Group Critical Illness cover here. 

What Counts as Critical Illness?

Critical illnesses can vary from one insurance policy to another, but they generally include life-altering conditions such as cancer, heart attacks, stroke, and kidney failure. 

It's crucial to carefully review the policy details of your insurance product to understand which conditions are covered and what the specific terms and conditions are. Otherwise, you might not get the coverage you need when you need it. 

Why is it important to think about offering Group Critical Illness?

It is no secret that, with the retirement age in the UK set to be extended to 67 by 2027, the UK’s working population will include a larger number of older people as time goes on. 

With employees looking to work longer, the challenge is: how can you, as an employer, maintain productivity when faced with teams that may suffer from increasing rates of cognitive or physical impairment? 

Adding Group Critical Illness Insurance to your benefits solution may be a great way to support an ageing workforce in a cost-effective way. 

As part of a comprehensive wellbeing strategy, Group Critical Illness can protect your team and support their physical wellbeing. 

They get peace of mind and financial support when needed, and you ensure they can afford the care they need to return to work as quickly as possible. This is good for them and good for your business; ensuring you get the benefit from their years of experience.