This benefit provides a lump sum that is payable after a specified period, following diagnosis of a critical illness.
The illnesses are as defined by the insurers and it is important to note that each insurer will have its own definitions in relation to a particular illness, meaning no two critical illness policies are the same.
The amount insured is often a multiple of salary or a fixed sum. The funds can be used to provide financial support at a difficult time, or may be useful to make adaptations to a home or even to fund specialist treatment that otherwise may not be accessible.
Critical illness cover can be provided on a company paid basis or a voluntary basis; the availability of terms for a voluntary scheme very much depend on the target audience. This benefit often forms part of a flexible benefits arrangement.
Critical illness cover does complement both private medical insurance and income protection insurance policies, as part of a well structured employee benefits package. Jobson James’ employee benefits team can discuss the options available to you and assist with sourcing the most appropriate product and solution for you.
Jobson James will undertake an audit of your benefits and produce a report identifying any cost savings that can be made, improvements that could be considered and additions that could be offered. This will ensure your employee benefits package covers the main areas affecting wellbeing:
Having benefits in all these areas will result in a complete benefits solution, which is of great value to both employer and employees.