Critical Illness Insurance
Critical Illness Insurance Provided By Our Agency
Millions of employees now in high-deductible health plans are even more susceptible to high out-of-pocket costs. Offering the Critical Illness Protection Plan gives you, and your employees added relief from the financial burdens and stress that can come with a major illness.
What is Critical Illness Insurance?
Critical Illness Insurance (CI) provides a financial, lump-sum benefit to employees upon diagnosis of a covered illness. These covered illnesses are typically very severe and likely to render the affected person incapable of working. Because of the financial strain, these illnesses can place on individuals and families, critical illness insurance is designed to help ill employees pay the mortgage, seek experimental treatment, or handle unexpected medical expenses.
Group critical illness insurance doesn't replace health insurance; it complements it. While health insurance provides payments to doctors, hospitals, and specialists, critical illness insurance provides money to employees directly at a time when they need it most.
What does Critical Illness Insurance usually cover?
- Invasive cancer
- Non-invasive cancer
- Heart attack
- Coronary artery bypass surgery
- Angioplasty
- Stroke
- Kidney (renal) failure
- Major Organ Transplant
- Paralysis
- Coma
- And more
Advantages of Critical Illness Insurance
Companies have been keen to add these plans because they recognize employees are worried about high out-of-pocket expenses with a high-deductible plan. In addition, unlike other health care benefits, workers generally bear the entire cost of critical illness plans. That makes it a money saver for companies, as well as workers.
Critical illness insurance can be used for a variety of things, such as:
- Critical medical services that might otherwise be unavailable.
- Treatments not covered by a traditional policy.
- Daily living expenses allowing the critically ill to focus their time and energy on getting well instead of working to pay their bills.
- Transportation expenses include getting to and from treatment centers, retrofitting vehicles to carry wheelchairs, and installing lifts in homes for those who can no longer navigate staircases.
- Those in need of a restful place to recover can use the funds to take a vacation.
Simply put, critical illness insurance can alleviate financial worry in the event an individual becomes too sick to work.
How much does Critical Illness Insurance cost?
- Dates of birth
The cost of Critical Illness Cover rises as we get older because we’re more susceptible to illness or injury. - Gender of employees
Men and women are statistically more likely to suffer from certain illnesses, so they're priced differently. - Occupations
Riskier occupations (e.g. manual work over desk work) tend to attract a higher premium. - Salaries
Company Critical Illness Insurance payouts are calculated as a multiple of employees' salaries. This means the insurer will need the wages of everyone you're looking to cover and the multiple you want to offer them. - Whether everyone is ‘actively at work’ An individual on long-term sickness leave at the time of the quote may attract a higher premium. Alternatively, the insurer may exclude them from cover depending on the nature of their illness.
A group critical illness insurance policy is a benefit your employees may want to take advantage of if offered. We can help you navigate multiple options and decide on a suitable plan for your employees.
Already have Critical Illness Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
