Group Critical Illness
A group critical illness plan will provide a lump sum to an employee to help with the financial impact of a defined critical illness. This lump sum can help to provide a safety net which may allow a spouse not to work whilst the employee is critically ill, it may be used to make house alterations and to employ help in the home.
This benefit can be an excellent complement to death in service benefit and income protection. The premiums for this type of cover are normally cheaper on a group basis over employees taking out cover personally. Group critical illness can be provided as a benefit paid for by the employer or it can be an option for employees to pay for themselves.
