Group Critical Illness Insurance for Employees
When the unexpected happens
Offering great benefits is useful for recruiting and retention. At Rogers Insurance, we offer companies a group insurance program that can include critical illness insurance for employees. If you’re looking to get a critical illness insurance quote to compare to an existing policy or to add this coverage to an existing benefits plan, Rogers can help.
We work Canada’s largest and best benefit providers to design a plan that works for your company and employees. Our experienced, professional brokers know critical illness insurance and are there to help and advise from quote to claim. You’ll notice a difference with our hands-on, human-first approach to insurance.
Contact us today for more information on critical illness insurance or request a quote online, by phone, or at one of our locations. Read on for more details on this valuable coverage.
What is group critical illness insurance?
If an employee is diagnosed with a life-threatening illness and survive, critical illness insurance will provide a lump sum to help them and their family out to:
- Pay off debt
- Renovate their home so it is accessible
- Provide income replacement or supplement during their recovery period
- Allow their partner to take time off work
- Provide a financial cushion
- Cover alternative or experimental medical treatment
The amount paid out depends on your choice when you purchased the policy – it can be anywhere from $25,000 to $2 million, although this amount may vary by insurer.
Essentially, the employee can spend this money as they best see fit to help during the period of recovery after critical illness. Some policies may allow a series of payments rather than a lump sum.
Many insurers also offer access to resources such as medical second opinions, help developing a plan to manage your recovery, and support dealing with the stress of illness.
Critical illness insurance simply makes a difficult period of time a little easier financially. It’s one less thing to worry about while they’re recovering – meaning less stress on them and your family.
What medical conditions are covered by critical illness insurance?
Medical conditions covered by critical illness insurance will vary depending on the individual insurer. The most four common illnesses covered are:
- Heart attack
- Coronary bypass
Other conditions may be covered as well; some insurers will cover up to 18 to 25 illnesses! This may include:
- Alzheimer’s disease
- Bacterial Meningitis
- Brain injuries or tumours
- Kidney failure
- Loss of speech or limbs
- Loss of independent existence
- Major heart surgeries
- Major organ transplant
- Motor neuron disease
- Multiple Sclerosis
- Parkinson’s disease
Generally, the illness must be considered life-threatening and some insurers dictate there must be permanent damage or life-changing impact, but this varies. Each insurer is different and one will cover one type of cancer while another will not. That’s why it’s critical to work with a critical illness insurance broker here at Rogers to ensure you’re getting the best policy possible for your company.
Keep in mind that pre-existing conditions are not usually covered. There is also generally a 30 day waiting period after the coverage is purchased where your staff won’t be protected if they’re diagnosed with one of these critical illnesses.
It’s also important to note that the employee must survive this illness. If they pass away, they would not be covered. (A life insurance policy would be needed to provide financial help for their family.) Generally, the individual must survive for at least 30 days after the onset or diagnosis of the critical illness to receive critical illness insurance benefits. Again, this time period may vary by the insurer so it’s critical to understand the policy.
Who needs group critical illness insurance?
As one of Alberta’s Top Employers, we understand that benefits are a great way to bring value to your employees as a company. This is a good coverage to include as part of your benefits package to add affordable extra value for your employees. Why?
It reduces worry during an already stressful period. If your employee experiences a critical illness, they should focus their strength on recovery. However, they may have financial strain during this period as they’re unable to work yet still have bills to pay. Critical illness insurance can help reduce your employee’s financial burden during their convalescence period.
It’s also important to note that critical illness insurance is not the same thing as short or long term disability, or is it life insurance. In fact, it’s a good complement for these policies to round out financial relief coverage in the event of a serious illness.
How much does critical illness insurance cost employers and employees?
The cost for critical illness insurance will vary based on the following factors:
- The amount of coverage
- Age of applicants
- Health and medical history of applicants
- Type of critical illness plan
Premiums can fluctuate between $5 per month to over $100 per month. Work with one of our Rogers Insurance critical illness insurance brokers to ensure you get the best coverage for the best price.
One bonus of purchasing group critical illness insurance is that rates are often lower than if you had purchased a standalone policy. Some insurers also offer premium guarantees.
What are the limits of critical illness insurance?
This type of insurance isn’t a replacement for life or disability insurance. In fact, it is a perfect complement to these policies. It provides a lump sum if you are diagnosed with a specific life-threatening illness and survive. It won’t provide any coverage if you pass away within 30 to 90 days of your diagnosis – you’d need life insurance for that. It also won’t replace your income or provide longer term help – that would be disability insurance.
Critical illness insurance offers protection for a specific list of serious illnesses. This varies by insurer and the level of plan you choose. It also won’t provide coverage for pre-existing conditions or illnesses relating to drug or alcohol abuse or attempted suicide.
Generally, this type of coverage has an age limit, usually 65 or 75.
It’s always a good idea to review the limits and exclusions of every policy with an insurance broker to ensure you understand your protection.
Working with Rogers Insurance
You can trust our expertise when it comes to critical illness insurance. From quotes to claims, we advocate on your behalf and are your insurance and risk management resource. We can help you build a group critical illness insurance plan to strengthen your benefits program.
Since 1977, Rogers has been a trusted insurance advisor. We’ve grown from a single office in Alberta to one of Canada’s leading and largest independent insurance brokerages. What does that mean for you? It means we work for you, not for an insurance company. You’ll get competitive critical illness insurance quotes. We work with Canada’s best benefit providers and have access to a large number of markets which means we can offer you true choice in your insurance coverage. We can find what works for your needs and budget.
Contact us today for a critical illness insurance quote or to find out more about this coverage.