Group Critical Illness Insurance? Do your employees need it? 


August 2022
 

Are you an employer researching employee health benefits post pandemic?

You are not alone. Research responses from 166 national and multi-national businesses in the US showed the majority are reviewing their health benefits after the challenges posed by the pandemic. As many industries also face skills shortages, retaining the employees you have is even more important and improved benefits can play an important role in this.

One of the ways your business can add to its health benefits is through group critical illness cover. 

  1. Group critical illness insurance is a health insurance product developed to protect employees should they, or their dependants, be diagnosed with a serious illness. Most critical illness policies cover a list of the most common serious illnesses like cancers or heart conditions. The specifics will depend on the provider.
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  3. Receiving a critical illness diagnosis is a traumatic experience for most people. This is reflected by many policies through the provision of auxiliary support services like access to counselling, assistance with managing treatment logistics or access to alternative medical opinions if needed.  Some options also offer a lump sum payment that can be used to cover other expenses like a mortgage or alterations to your home. 
  1. Offering employees critical illness insurance is a useful benefit, providing them with peace of mind that should they become seriously ill with one of the specified conditions. They have access to high quality private healthcare, often in medical centres that specialise in their medical case.  In this competitive employee market, it is an additional benefit. It may be offered in addition to standard health insurance cover to spouses and dependents. 
  1. Group critical illness insurance is for any employer who wants to ensure their employees have access to best in class private health insurance should they receive a diagnosis of one of the serious illnesses.  As an employer you can choose who has access to critical illness insurance. There are policies tailored to smaller businesses that may require employees to answer questions about their health to assess the suitable level of cover. For larger businesses, this is not usually required. 
  1. Avenue group critical illness insurance stands out because of its international element. Your business can decide the level of the plan by choosing the network overseas and also by including or not the country of residence of the employees to the cover.. It also provides employees with the flexibility to choose between case management services or a lump sum payment should they become ill. 
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  3. No matter which option you choose, your employees can be sure of world class treatment.
  1. Our group critical illness insurance table of benefits outlines in detail the illnesses covered include:
  • Cancers including lymphomas and leukaemia
  • Treatment for coronary disease
  • Living organ donation 
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  2. There are some illnesses that are covered in children only like:
  • Artificial limbs as a result of an accident
  • Kawasaki Syndrome
  • Meningitis/encephalitis
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  2. Discover more about the specialised treatment you can provide your employees with access should they need it.