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Critical Illness

Why buy Critical Illness?

Staff are the beating heart of small and medium-sized businesses. Statistically, they are far more likely to have a key person suffering a critical illness that means they can’t work than they are to die in employment. Making a provision for a tax free cash lump sum payment means that your team is protected from the immediate impact of being unable to work because of illness.

How does this help my staff?

Everyone worries about what impact cancer, a heart attack or a stroke would have on their family finances. Increasingly, people are surviving more medical conditions but are then thrown back onto state benefits when they are unable to continue working. Critical illness protection softens that blow and therefore reduces the worry by providing a tax free cash lump sum.

What are the benefits to my business?

Critical Illness cover is a valuable, tax efficient benefit that gives comfort to your staff that they will have a measure of financial stability if they have an illness that prevents them from working. It also provides you with the certainty of knowing whether a colleague is going to remain on the payroll for a period or not, allowing you to plan and them to focus on their recovery.

What do companies like mine do?

If you haven’t already bought Employee Life Insurance or a Health CashPlan, then most companies like yours are more likely to buy those first.

However, companies that have experienced the uncertainty caused by a key member of staff trying to retain their job while battling a severe and debilitating illness often buy Critical Illness protection because they understand that it brings certainty to their business and financial reassurance to their employees.