How Does Group Critical Illness Work?
Taken out by you (your company) on behalf of your employees, the Insurance will pay out a pre-determined lump sum in the event of a named employee being diagnosed with one of several conditions/illnesses specified within the policy’s terms & conditions
This lump sum can then be used to cover rent/mortgage payments; loan/credit card repayments; utility and other household bills/expenses, etc and help lessen the impact that such a change can have on their lifestyle.
A diagnosis such as cancer, heart attack or stroke can have far reaching effects for both the employee and those around them. In addition to providing financial stability, such a payment could be used towards the cost of any lifestyle changes made necessary or even the cost of treatment, to reduce the long term impact as much as possible.
As the policyholder you (your business) get to decide which/how many of your employees will be named on the policy, as well as the:
- Cover level, which is usually either calculated as a multiple of employees’ salaries or offered as a “flat benefit” (usually consisting of pay-outs ranging between £25,000 to £250,000+ in the event of a claim)
- Add-ons/optional extras including Support Services and Second Opinion (confirming diagnosis or reviewing current treatment plan) to be included (in addition to standard ranges of covered conditions, many policies also offer cover for various other conditions and/or other benefits such as Employee Assistance Programmes covering health and wellbeing as optional extras)
Insurance policies recommended by Spectrum Financial Advice are underwritten by the most trusted providers in the industry – meaning they will provide your workforce with reliable cover throughout their employment with you. Learn more.
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