Group Critical Illness
Diagnosis of a critical illness is a distressing time for an employee, their family, and their employer. Although advances in medicine are improving chances of survival all the time, recovery from treatment is often prolonged.
Critical illness cover is a highly valued employee benefit, providing financial security while the employee is off work with a (specified) critical illness.
What is a Group Critical Illness policy?
It provides a one-off payment to an employee if they are diagnosed with a qualifying critical illness.
Who needs a Group Critical Illness policy?
In many cases, employers take out the policy for a group of key employees as part of a structured benefits package. An increasing number of employers are extending the cover to more employees, either directly or more commonly through a flexible benefits package.
What is a Critical Illness?
It is an illness or condition diagnosed after the policy starts; pre-existing conditions are not covered.
Which Critical Illnesses are covered?
It varies from one insurer to another, but normally includes some types of cancer, heart attack and stroke. Insurers have their own lists of what is and isn’t covered by the policy; we can talk to you about the best policy for your needs.
Why would we want a Group Critical Illness policy?
An employee covered by the policy is better placed to manage the financial consequences of long-term absence after diagnosis of a critical illness, and to focus on making a good recovery. A Critical Illness policy often forms part of a flexible benefits offering, and is usually an essential element of the package.
How does it benefit our business?
Every business wants to attract the right calibre of employee. Rewards for when things go well matter; so does help and support if illness strikes. Critical Illness cover assures candidates and employees that they are working for an employer who cares about their wellbeing.
Do employees really value Critical illness cover?
Yes. Prospective employees regard this as a vital element in the suite of employee benefits offered by a company; its omission may make all the difference between a top candidate accepting the post or going elsewhere.
Is the benefit subject to tax?
No. It is paid tax-free.
How much does Group Critical Illness cost?
The cost is determined by the age of the employee. As a general rule, if an employer provides one times salary, the cost will be under 1% of salary roll.
How will our employees know they have this benefit?
Premier Choice has an effective and comprehensive communication service to help promote your employees’ awareness and understanding of the policy.
Do we have to cover all employees?
No. Some employers choose to arrange cover for particular categories of employee as part of a structured benefits package.
Do all employees have the same level of cover?
No. You can insure different categories of employee for different levels of cover. We will talk to you about your needs and design a scheme to suit your requirements.
How can Premier Choice help our business?
Premier Choice have many years’ experience in Critical Illness policies as part of an Employee Benefits package. We are there all the way, from design and implementation to the smooth running of the policy. Our innovative, award-winning claims management system is designed to give you the best advice, assistance and support.
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