Critical Illness Insurance FAQs

 

 

Q: WHAT IS GROUP CRITICAL ILLNESS COVER?

A: Critical Illness is a policy that is designed to pay a cash lump sum on diagnosis of a condition from a predetermined list of illnesses. The policy also covers a number of different operations.

 

Q: HOW DOES GROUP CRITICAL ILLNESS COVERAGE WORK?

A: "The lump sum can be a fixed amount or a multiple of salary. Policies will cover a standard number of the most common conditions or can be extended to cover a more comprehensive list of conditions. A survival period is also applied following the diagnosis/operation before the lump sum is paid, this can range from 14 to 28 days. The aim is to support the member with the condition to help cover the cost and impact this condition may have on their life. Children are automatically covered free of charge up to a designated age."

 

Q: WHAT GROUP CRITICAL ILLNESS COVER DO SMALL BUSINESSES NEED?

A: There is no legal requirement to have Critical Illness Insurance, but a number of companies choose to offer this benefit along with Group Income Protection and Private Medical Insurance. Some companies offer Critical Illness to their senior employees/directors as a way of attracting/retaining staff.

 

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