Group Critical Illness

Group critical illness cover is a benefit payable to an employee should they suffer and survive a serious illness.

They do not have to be incapacitated from work or pass away. Indeed, for the core conditions, they need to survive for a certain period after diagnosis which is usually 14 or 21 days.

A plan would normally cover three main conditions of stroke, heart attack and most forms of cancer to which would be added a range of other conditions such as major organ transplant, kidney failure etc.

Many people diagnosed with these serious illnesses are able to make a full recovery and return to work and with a plan normally providing a lump sum payment, upon diagnosis, it can help employees through their treatment and recovery. It can be used in any way that a claimant chooses with many people selecting specialist treatment or nursing care, reducing major outlays such as mortgages or making changes to the home or lifestyle.

Group critical insurance can go a long way towards helping staff not only cope at a traumatic time but also make the best possible recovery.

Benefits for Employers:

  • Flexibility for a scheme to reflect a level of cover that is within an overall employee benefits budget.
  • Provides financial assistance to the employee at a traumatic time.
  • Affords excellent support to an employer who might not otherwise know how or when to assist a valued employee.
  • Premiums are normally treated as a trading expense of the employer.

Benefits for Employees:

  • Provides cover for the most commonly suffered critical illnesses.
  • Provides a tax-free lump sum payment in the event of a claim.
  • Gives valuable financial help during difficult times.
  • Option to include cover for spouses and children.

The above information regarding taxation is based upon our understanding of current legislation which, of course, is liable to change in the future and would depend upon an individual’s financial circumstances.

Please contact us today for more information regarding how we can help advise you regarding your Group Critical Illness cover.