A critical illness is something that we all fear, especially when we are working. It means we are out of work for extended periods of time, and this can have a massive impact on family, friends, and the ability to pay bills and keep a roof over your head. It’s a stressful period.

This is where company critical illness comes in. It’s important for offering employees peace of mind as well as helping to support them through difficult times. However, it is also important to know what kind of conditions are covered under policies such as this one.

What Kind of Conditions are Covered?

Group critical illness cover spreads over a wide range of illnesses. While it is important to note that every company will have slightly different rules and inclusions, you can use the below conditions as a strong base for what to expect:

  • Arthritis
  • Blindness
  • Brain tumour
  • Burns (third degree)
  • Cancer
  • Coma
  • Cystic fibrosis
  • Deafness
  • Dementia
  • Encephalitis
  • Heart attack
  • Heart valve replacement
  • HIV
  • Liver failure
  • Loss of hand/foot
  • Kidney failure
  • Major organ transplant
  • Motor neurone disease
  • Multiple sclerosis
  • Parkinson’s disease
  • Stroke
  • Terminal illness

Why is Critical Illness Cover Important?

The main causes of critical illness claims are heart attacks, cancer, and strokes. Those are all incredibly serious and require time off work for recovery. They are stressful for everyone involved, and worrying about work can only hinder the process for your employee.

By giving them cover, they have access to fast and crucial care to ensure that they are being looked after and getting the best treatment possible. On top of that, they don’t have to worry about being off work and providing for their family. Why?

The employee in question will receive a lump sum that is completely free from tax so that they can spend it on their needs. This is usually an agreed amount that averages between 1x and 5x their annual salary to ensure they have all of their needs met.

Furthermore, many companies will allow this coverage to be extended to family members – namely spouses and children – so that there is even less for your employees to worry about. That way, if there is an illness in the family, they can spend it with loved ones without panic.

What About Pre-Existing Conditions?

Generally speaking, a standard critical illness plan does not cover pre-existing conditions. However, there are adaptations that can be made to insurance policies to provide coverage if, say, an employee has already recovered from a heart attack or other condition previously.

Pay-outs are also not immediate. There tends to be a 14-day survival period for the employee in question before the sum can be paid out by the company. This tends to be standard procedure across all providers.

To Conclude

Critical illness is an awful thing for anyone to go through, and your employees deserve peace of mind if they fall ill. Offering them group critical illness cover through the company means that they don’t need to worry about the time off work, their family, and can focus on recovery instead. Employees who are cared for by the companies they work for are more likely to stick around.