Independent Insurance and Health & Protection Advisors 
01234 419999 
In the competitive world of business, companies are increasingly looking at innovative ways to attract, retain, and look after their employees. One such way is by offering Group Critical Illness cover. 

What is Group Critical Illness Cover? 

Group Critical Illness cover, often shortened to Group CI, is an insurance policy taken out by businesses on behalf of their employees. 
It provides a tax-free lump sum payment to an employee if they are diagnosed with one of the specified critical illnesses covered by the policy. Illnesses commonly covered can include certain types of cancer, heart attack, stroke, multiple sclerosis, and more, though specifics vary between providers. 

 What are the benefits?  

Benefits to Employees 

1. Financial Security: In the unfortunate event of being diagnosed with a critical illness, the financial strain can be overwhelming. The lump sum payment can be used to cover medical expenses, make modifications to homes, pay off mortgages, or even just to support day-to-day living expenses. 
2. Mental Well-being: Knowing that they have a safety net can significantly reduce an employee’s stress and anxiety levels, leading to better overall mental health. 
3. No Medical Checks: Unlike personal critical illness cover, employees usually won’t need to undergo medical checks to be covered under a group policy. 

Benefits to Employers 

1. Talent Attraction & Retention: In an era where employee benefits can make or break a job offer, providing Group CI can give a company a distinct edge over competitors. 
2. Enhanced Company Image: It showcases the company's commitment to the well-being of its employees. 
3. Tax Efficient: Premiums paid by the employer can often be treated as a business expense, making it tax-efficient. 
4. Reduces Absenteeism: Financial stability can mean employees return to work sooner after a diagnosis. 

Things to consider:  

While Group CI is an excellent benefit, there are some considerations businesses must keep in mind: 
Cost: Premiums can vary based on the nature of the business, the average age of employees, and the levels of cover chosen. 
Coverage Scope: Not all illnesses are covered, and there may be stipulations, for instance, certain stages of cancers or severity of a heart attack. 
Employee Understanding: It’s vital to ensure employees fully understand what's covered, so there are no unexpected surprises at claim time. 
Group Critical Illness cover is rapidly emerging as a standard in the list of employee benefits provided by proactive UK businesses. As with any financial product, it's important to consult with a financial advisor or insurance specialist to ensure that the chosen policy fits the company’s and its employees’ needs. 
For protection advice call Nick on 01234 419999 or email 
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