Many of the most popular employee benefits are positive and life-affirming, such as cycle-to-work schemes, childcare vouchers, and wellness programmes. They are all about making life easier, more fulfilling, and allowing employees to fulfil their potential.
Critical illness cover may not sound as sexy, but when things go wrong, it can provide a financial lifeline to your employees and offer indirect benefits to your business.
What is critical illness cover?
Critical illness cover provides a tax-free lump sum to employees who are diagnosed with a critical or life-threatening health condition. A critical illness benefit scheme can be designed to cover children and other family members. As an employer, you can choose cover for a list of commonly occurring illnesses, such as cancer, MS, and Parkinson’s, or a more extensive list of conditions.
The difference between income protection and critical illness cover
Unlike income protection, critical illness cover provides employees with a payment regardless of whether they continue to work or not. However, even a normal income may not cover all the hidden costs of being treated for a critical illness.
A recent study showed that cancer patients had to find an extra £ 6,500 a year after their diagnosis to cover unexpected costs. These costs included extra petrol or travel expenses to attend appointments, more expensive food to accommodate new dietary requirements, increased heating bills since they were now at home all day, and higher childcare costs. Parking sessions at UK hospitals can cost £10 or more, and regular visits can put a strain on a family budget.
A critical illness payment will provide financial assistance to employees, alleviating their stress during a challenging time.
How critical illness cover can benefit your business
Including critical illness cover in your employee benefits portfolio will have several benefits for your business.
In previous decades, critical health issues such as cancer, stroke and heart disease often meant the end of a career. Medical advances are enabling more people to recover from a serious illness, and it makes sense for employers to welcome valued staff back to work after their treatment is complete. The support provided by critical illness cover will not only help your employee through a challenging time but may also make them more inclined to return to work in your company.
The support given to employees who fall ill sends a powerful message to other staff who will feel that they are working for a company that values its employees. The positive attitude that this feeling fosters encourages loyalty and a healthy work culture, thereby improving staff retention.
Health-related anxiety affects many workers with families and financial commitments. Knowing that their employer has benefits in place to support them during difficult times is beneficial for stress levels, mental health, and, consequently, productivity.
Critical illness coverage is one of the less common employee benefits. Candidates who see that it is included in your benefits package may view this as a positive sign about company culture and choose to work for you over other businesses that do not have critical illness cover.
Next steps
If you would like to include critical illness cover in your existing Enjoy Benefits package, you can make the change via our interactive hub.
Alternatively, please call 0800 088 7315 or use our Contact Form.
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