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Group Critical Illness Cover, Group Critical Illness P11D
0116 366 6866
Introducers
An Explanation on Group Critical Illness Insurance - By Halo Co…
Group Critical Illness Cover A fast-growing product, Group Critical Illness polices are seen to be a bene t that provides employees with peace of mind and can form part of an employee bene ts package. If an employed person su ers a critical illness, this cover is invaluable and shows that the employer has taken the time to arrange this. The main advantage being that such a policy can retain sta and attract new employees. New statistics over recent years shows a signi cant increase of people developing certain cancers and other critical illnesses – therefore, such a policy helps people to prepare for such an eventuality. A great aspect of Group Critical Illness cover is that an employee can usually add their spouse and dependants on to the policy (often included free for the employee, children’s bene t is usually capped at £25,000) should the employee choose. In short, Group Critical Illness pays out a tax-free lump sum to the employee if they are diagnosed with a serious condition (see policy terms and conditions) https://halo-consult.co.uk/business-insurance/group-critical-illness-cover/
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and then survives a survival period (typically 14 days). This bene t is payable whether the employee is able to return to work or not.
How does a Group Critical Illness policy work?
Insured employees will receive a lump sum if they are diagnosed with a Critical Illness and then survives over a survival period (usually 14 days – see policy terms and conditions). The lump sum can be spent by the employee in whichever way they choose – paying bills, paying o a mortgage, buying disability equipment and making alterations to their home. As an employer, providing Group Critical Illness shows that you care about your employees and their families. If an employee falls ill, the last thing they should need to worry about is becoming nancially unstable.
What are the di erent levels of cover available?
Provided as a multiple of the employee’s salary or as a at bene t.
Would all my employees have to be covered?
Yes, due to the Equality Act 2010, all of your employees must be covered on this type of scheme.
What if I wanted employees to have a di erent level of cover?
Yes, your employees can have di erent levels of cover – please speak to one of our advisers because di erent Insurers have di erent requirements.
What are the bene ts for SME companies to have Group Critical Illness cover?
It is an inexpensive way of providing employees with a bene t they would greatly value. https://halo-consult.co.uk/business-insurance/group-critical-illness-cover/
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How are my employees guaranteed cover?
Di erent insurance companies o er di erent terms, so in some circumstances – yes, they may guarantee cover. Please speak to one of our advisers for further details.
How would employees receive payment?
The bene t would be paid to the insured member, not the business, should a claim be made and is accepted.
If an employee leaves their job, can they keep their cover?
No – if they stop working for the company, cover will not be continued for the insured person. They would need to take out a personal plan if they wanted to continue to be covered for Critical Illness Insurance.
Does the policy cover employee accidents?
It is usually covered if an employee becomes completely and permanently disabled as a result of an illness or accident.
Is Group Critical Illness Protection tax deductible?
It is viewed as a bene t-in-kind, so your employees will pay tax on their premiums via their P11D. The premiums you pay as a business for your employees are tax-deductible and can be o set against your pro ts for tax purposes.
Why is Group Critical Illness necessary considering all my other overheads?
This type of policy pays out if your employees su er a critical illness. Plus, it helps to maintain sta morale levels as your employees will
https://halo-consult.co.uk/business-insurance/group-critical-illness-cover/
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feel cared for. Therefore, it is a useful bene t to attract and retain sta .
What happens if an employee needs to claim?
They would need to complete and submit a claim form and personal statement. Plus, the insurer will require medical evidence to support the claim – usually this is gathered from a relevant medical professional.
Will the cost of premiums remain the same each year?
Most insurers will guarantee your premium for two years from when the policy started. Please speak to one of our advisers for more details.
Would we need to collect medical information from sta ?
Depending on whether your employees need medical underwriting, a medical declaration form or a telephone interview may be required by an insurer.
What if we want to add a new employee to the policy?
The easiest way to do this is to get in touch with our team – we would then arrange for your new employee to be added on to your scheme.
Is it possible for more than one claim be paid under this type of policy?
Yes, although not for the same insured person.
What are the added bene ts for having a Group Critical Illness policy?
Apart from having peace of mind in knowing that your employees have cover should they fall critically ill, the main bene ts include https://halo-consult.co.uk/business-insurance/group-critical-illness-cover/
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boosting sta morale, maintaining sta retention, and an easier recruitment incentive.
What’s the di erence between Group Critical Illness and Group Income Protection?
Group Income Protection is designed to pay an employee who is unable to work due to accident or illness by paying a percentage of their salary until they are able to return to work. However, Group Critical Illness policies are designed to pay out a lump sum if the person insured su ers a critical illness and then survives a survival period (usually 14 Days – see policy terms and conditions).
Is there anything I should consider before taking out a Group Critical Illness policy?
Depending on whether you already have a type of ‘group critical illness’ scheme, it may be worth speaking to one of our advisers to see if switching to a new policy would bene t your business and your employees.
Is Group Critical Illness the same as cover for a terminal illness?
No, a Life Insurance policy usually covers a ‘terminal illness’ and pays out the bene t early if an insured person is diagnosed with a terminal illness and are told they have less than 12 months to live.
Disclaimer This information does not constitute nancial or any other form of professional advice. Should you require advice, please contact us directly on 0116 366 6866. It is important to ensure any insurance policy you take out is suitable for your needs.
https://halo-consult.co.uk/business-insurance/group-critical-illness-cover/
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https://halo-consult.co.uk/business-insurance/group-critical-illness-cover/
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Group Critical Illness Cover, Group Critical Illness P11D
Skye Da Silva
Tracey Kitchen has always provided an outstanding service! She is highly professional and has always kept me updated in regards to my plan. Tracey is always there for any questions I may have and has always managed to get back to me in a timely manner. There is a personal element to her service which for me goes a long way.. I couldn't recommend her enough! Thank you Tracey. Posted 1 week ago
Fayzeh
I spoke to Tracey, she was very attentive to my needs and explained all the options very clearly. She always came back promptly whether via telephone call or email. Great cusromer service! Posted 1 week ago
Vik
Tracey was very efficient and knowledgeable. Posted 1 week ago
Lynne
A wonderful company to deal with. Tracey is so helpful and knowledgeable. Nothing is too much trouble and you feel that if you have any queries, issues, etc. she will go out of her way to try solve them. Halo Consulting deal with my Medical Aid, which is important in making me feel secure and confident in the knowledge that they are
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