With Group Critical Illness Cover your concerns can largely be minimised.
Group Critical Illness Cover
Critical illness cover provides a solution where employers can support their employees and their families with the financial consequences of being diagnosed with a serious illness. Critical illness plans pay out a tax free financial lump sum upon diagnosis of a defined list of medical conditions. The list of medical conditions covered will vary by policy, with more expensive policies typically covering a broader range of conditions.
Where a critical illness policy is paid for by the employer, the amount of benefit paid to the employee upon diagnosis will depend on the level of cover chosen by the employer. Critical illness plans are also a common option within flexible benefit programmes, where employees choose to purchase a plan from a flexible benefit fund or via salary sacrifice and can choose the level of cover provided.
The benefit paid to the employee in the event of a claim can be used for any purpose, such as funding or part funding private medical treatment, making payments towards a mortgage, or making adjustments to the family home to reflect any personal care needs.
If this is something you would like to explore, the Broadstone team have a wealth of experience in consulting with you to help guide you towards the most appropiate benefit levels for your business.
Complete the form below if you are interested in critical illness cover for your workforce and we would be happy to help you take the first step.