Group Critical Illness Cover
Group CIC is Critical Illness Cover for your employees. Should an employee be diagnosed with life-threatening health issue, regardless of whether they can return to work or not, they receive a tax-free lump sum, enabling them to pay bills, a mortgage or buy disability equipment. It’s an inexpensive way of providing employees with a benefit they would greatly value.
Why Would I Need Group Critical Illness Cover?
A fast-growing product, Group Critical Illness policies are seen to be a benefit that provides employees with peace of mind and can form part of an employee benefits package. If an employed person suffers a critical illness, this cover is invaluable and shows that the employer has taken the time to arrange this. The main advantage is that such a policy can retain staff and attract new employees.
New statistics over recent years shows a significant increase of people developing certain cancers and other critical illnesses – therefore, such a policy helps people to prepare for such an eventuality. A great aspect of Group Critical Illness cover is that an employee can usually add their spouse and dependants on to the policy (often included free for the employee, children’s benefit is usually capped at £25,000) should the employee choose.
In short, Group Critical Illness pays out a tax-free lump sum to the employee if they are diagnosed with a serious condition (see policy terms and conditions) and then survives a survival period (typically 14 days). This benefit is payable whether the employee is able to return to work or not.
For more information and specific questions please see our Group Critical Illness FAQ page.
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