Critical Illness Cover

Critical Illness Cover is an increasingly popular employee benefit, where a lump sum payment is provided when an employee is diagnosed with a specified critical illness such as cancer.

The Essentials

• In 2017, the value of claims paid for critical illness passed £1 billion for the first time ever (Association of British Insurers)
• A diverse market with policies covering between 40 to 100+ serious or critical illnesses
• Core conditions covered include cancer, heart attack and stroke
• Covers employees who survive for a set period following diagnosis (the standard is 28 days)
• Assessed for tax purposes within employee’s earnings

Speak to our knowledgeable advisers for more information and a tailored quote.

Why Critical Illness Cover?

• Thousands of people across the UK are diagnosed with a serious or critical illness every single day
• Half of people born after 1960 will be diagnosed with some form of cancer during their lifetime (Cancer Research UK)
• More than 400 people in the UK suffer from a stroke every day (criticalillness.org.uk)
• Critical illness is not only for the older generation – the average age of the person filing a claim is just 49 (criticalillness.org.uk)

What are the benefits?

• Create an attractive recruitment and retention tool
• Demonstrate a commitment to protecting your employees and giving them peace of mind to encourage a loyal, motivated and secure workforce
• Assist employees and their families in dealing with the physical, emotional and financial impact of critical illness, showing other employees how much you care during their time of need
• Cover the costs of nursing care, adapting the home to accommodate a new disability or other essential needs

An Effective Policy

Our team will help you to identify the most cost-effective and comprehensive cover for your needs. Companies usually offer cover of between two and four times the employee’s salary but it all depends on the type of policy chosen.

We recommend that you consider three key questions before starting the process.

• What type of business do you have?
• How big is your workforce?
• What level of risk do you wish to provide for?

We recommend using a professional adviser to help you navigate the complex market. Using the signature Vintage approach and our access to a comprehensive network of providers, our team at Vintage Corporate will offer unbiased advice on the most effective products for your business.

Our end-to-end process covers:

• Extensive research to identify the most effective scheme for your needs
• Scheme design, implementation and rollout
• Integration into your current employee benefits package (where relevant)
• Ongoing monitoring and compliance
• Assistance with effective employee communications
• Automatic annual reviews