Group Critical Illness

One in three people in the UK will contract cancer at some stage and more than 1 million people suffer from it at any one time. Among newly-diagnosed 20 to 40-year-olds with cancer, more than 50 per cent of men and 65 per cent of women will be alive five years later.

More than 260,000 people suffer a heart attack every year. More than 50 per cent of victims are still alive 10 years later, according to the British Heart Foundation. One woman in four and one man in five will suffer a stroke at some stage in their lives, yet nearly 70 per cent of victims survive for at least 12 months, according to the Chest Heart Stroke Association.

For many people, a serious illness like cancer, multiple sclerosis or a heart attack would cause serious financial problems and may mean a for need financial help in making home adjustments or help in being looked after by a carer.

A Group Critical Illness policy can help with the problems which can arise after contracting a critical illness. It is designed to pay out a lump sum payment to the insured member which is usually a multiple of their salary as long as the member has survived the required time period. The maximum benefit amount can vary from insurer to insurer.

Cover of this nature can provide financial security when employees face a critical illness and will help if they are not being able to work in the future. It may provide vital funds which will enable the employee to fund necessary adaptations to the home such as wheelchair access or a chairlift. It may be as simple as providing the choice to pay for private medical treatment to help a return to work which would be quicker than relying on the NHS.

As an employer you may find that a Group Critical Illness Insurance policy provides part of an attractive benefits package helping to recruit and retain staff whilst helping to mitigate the cost of any ex-gratia payments you might wish to make to a severely ill, long standing employee.

It will also relieve the pressure of having to make awkward decisions about financial support for a seriously ill employee who has been an important part of your business for some time.