Why Offer Group Critical Illness Insurance?

Life is unpredictable, and critical illnesses can affect anyone. Offering this cover demonstrates you care about your staff while providing practical benefits:

• Financial support for employees during difficult times

• Improved staff loyalty and morale

• Attraction and retention of top talent

• Peace of mind for both employees and the business

Who Should Consider Group Critical Illness Cover?

Any business that values its staff and wants to provide meaningful protection. It’s particularly relevant for:

• Small and medium-sized enterprises (SMEs)

• Companies with high-value employees

• Businesses looking to enhance employee benefits packages

How Group Critical Illness Insurance Works

The employer sets up a scheme covering eligible employees. If a covered illness occurs, a lump sum is paid to the employee, usually based on a multiple of salary or a fixed amount. The policy can cover conditions such as cancer, heart attack, stroke, and more, depending on the plan.

Key Benefits of Group Critical Illness Insurance

• Quick financial support during serious illness

• Minimal administration for the employer

• Flexible coverage options tailored to your workforce

• Helps maintain business continuity by reducing employee stress

• Boosts your overall employee benefits package

What is group critical illness insurance?

Group Critical Illness Insurance is a policy an employer takes out to cover a group of employees. If an employee is diagnosed with a covered critical illness, the insurer pays a lump sum to help them manage financial challenges.

Who is eligible for group critical illness cover?

Eligibility is usually set by the employer. Most policies cover permanent staff, but some schemes include part-time or new employees after a waiting period.

What illnesses are typically covered?

Policies vary, but common conditions include cancer, heart attack, stroke, multiple sclerosis, major organ transplants, and serious heart or lung conditions.

How much cover does an employee receive?

Cover is usually a multiple of the employee’s salary or a fixed lump sum. It can be tailored to the company’s budget and workforce needs.

Is the payout tax-free?

Yes. The lump sum paid to the employee is typically tax-free, providing real financial relief during difficult times.

Do employees need a medical exam to be covered?

Most group schemes do not require individual medical exams for standard coverage, making setup quick and simple. Higher levels of cover may require underwriting.

What happens if an employee leaves the company?

Coverage usually ends when the employee leaves, though some schemes offer options to continue or convert cover to an individual policy

Can part-time or casual staff be included?

Yes, many group policies allow part-time, casual, or even temporary staff to be included, depending on the employer’s preferences.

Can employees increase their cover individually?

Some schemes allow employees to top up coverage, but the core policy is managed and funded by the employer

Why should a business offer group critical illness insurance?

It shows employees you care, helps with retention and recruitment, and provides practical financial support when employees face serious health challenges. It’s a simple, meaningful benefit that boosts morale and loyalty.