Group Critical Illness Cover

If you own a business and have more than two members of staff, you can purchase critical illness insurance policies for them.

This is seen as an attractive employee benefit, and helps companies attract high-quality workers and contributes to overall staff wellbeing. It could even potentially decrease staff turnover.

Here’s what we’ll be looking at in this article:

Purchasing a group critical illness insurance policy is not often cheap, so in order to get the best quote for your circumstances, speak to one of the experts we work with. We’ll be able to put you in touch with someone who has experience in arranging group critical illness insurance policies for companies.

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What is group critical illness insurance?

Group critical illness cover is a policy taken out by an employer to provide workers with a tax-free lump sum in the event that they are diagnosed with a serious medical condition.

The coverage is also extended to workers who undergo certain surgical procedures. The claim is considered after affected workers survive a specified period, typically 14, 28 or 30 days. The policy is payable even if workers can’t return to work.


What does it cover?

Most critical illness insurance schemes cover seven core illnesses, including:

When it comes to group critical illness insurance, however, many providers include up to a certain number of additional conditions in tiered packages.

Many policies also provide supplementary programs, like employee assistance and access to the best doctors service.

What isn’t included?

Most insurers are unable to cover employees who have a pre-existing condition.

Workplace critical illness cover may typically exclude total and permanent disability (which covers in the event of the claimant being left totally and permanently incapacitated), though you may have the option to include this.

For the best group critical illness insurance policy deals, speak with an advisor. They’ll be able to find you policies tailored to how many conditions you want to include.

Can a group critical illness policy cover my family?

In short, yes. Many insurers provide group critical illness policies that include an employee’s children up to the age of 18, and typically capped at £25,000. There are also add-on options for workers’ significant others.


Should I get group critical illness insurance?

If you have the funds and want to provide ways to invest in the well-being of your employees, then group critical illness insurance could be a great option.

Most simply, it could help you attract and retain high-quality workers, and helps you stand out against your competitors.

Furthermore, your employees may be more motivated to work for you and you’re more likely to maintain a better workplace environment if they can see that you care about their well-being.

On the other hand, group critical illness insurance can be costly depending on the type of cover you choose and how many employees are covered.

The experts we work with can provide you with tailor-made advice and quotes for group critical illness cover based on your circumstances. Simply make an enquiry and we’ll connect you with someone shortly.


How much does it cost?

The cost of group critical illness insurance depends on several factors, including:

  • The age of your workers: The older they are, the higher your premium
  • The number of employees covered: Schemes start from five employees
  • Policy type: Whether you choose a basic scheme or opt for add-on conditions
  • Your level of coverage: Most coverages range between £25,000 and £50,000 and are paid as flat benefit or as a multiple of a worker’s salary before tax. Some companies pay an employee two to five times their salary.

Tax benefits

Group critical illness cover is considered a business expense, so you get corporation tax relief. At the same time, there’s no income tax on your critical illness insurance payouts.

That said, your employees are responsible for paying taxes on the premiums they receive.


Can I get a quote?

Generating quotes for group critical illness insurance cover can be a lengthy and time-consuming process. There’s no ‘one size fits all’ solution, as each quote is completely unique to your preferences. In order to generate the best quotes for your company, you will need to approach many lenders, which means more work for you.

However, the experts we work with can do all the running around for you. They have ‘whole-of-market’ access, which means that they can create bespoke quotes on your behalf so you can focus on running your business.

Make an enquiry and we’ll put you in touch with an expert shortly.


How do I get a comparison of insurance providers?

For an accurate comparison between group critical illness insurance providers, make an enquiry. The experts we work with can research and present you with a selection of insurance providers tailored to your needs.

They have access to the entire market and can seek out the insurance provider who is the best fit for your needs and circumstances. There’s no need to do any of the legwork yourself.


Speak to an expert

The experts we work with are on-hand to help you with your group critical illness insurance questions. Call us on 0808 189 0463 or make an enquiry and we’ll put you in touch with someone to discuss your options with. You don’t have to pay a fee, and there’s no obligation to take out a policy.

We'll match you with your perfect financial advisor

Save time and money with an expert who specialises in cases like yours

We'll match you with your perfect financial advisor

Save time & money with an expert who specialises in cases like yours.

We’ll match you with your perfect financial advisor – for free.