PMS Business
Group Critical Illness Cover
Provide eligible employees with a financial lump sum following diagnosis of a serious medical condition covered by the policy. Covered illnesses, definitions, exclusions and survival periods vary between insurers.
What is Group Critical Illness Cover
Group Critical Illness Cover is an employer-funded scheme that pays a lump sum to an eligible employee if they are diagnosed with a serious condition covered by the policy and meet its definition.
How the scheme works
The employer takes out one policy covering eligible employees. If a covered employee is diagnosed with a condition that meets the policy definition, and survives any survival period the policy sets, the insurer pays the lump sum, normally to the employee.
Conditions that may be covered
Schemes typically include conditions such as some cancers, heart attack and stroke, but each insurer sets its own list and definitions, and some conditions are only covered at a certain severity. We provide the insurer's current list and definitions with any quotation rather than publishing a list that could become out of date.
Core and additional conditions
Many insurers offer a core level of cover and an enhanced level with additional conditions or partial payments for less severe diagnoses. The right level depends on your budget and objectives.
Which employees may be included
Eligibility is set by the employer within the insurer's rules. Free cover limits apply, and the insurer may exclude pre-existing conditions for some employees depending on the underwriting basis.
How benefits may be calculated
The lump sum is usually a multiple of salary or a fixed amount for each employee, chosen by the employer within the insurer's limits.
Benefits for employees
A lump sum that the employee can use as they choose, for example for treatment costs, adapting their home or reducing their working hours during recovery.
Benefits for employers
A distinctive benefit that shows support for employees at a very difficult time, and can sit alongside group life and group income protection.
Group Critical Illness compared with Group Income Protection
Group critical illness pays a one-off lump sum on diagnosis of a covered condition. Group income protection pays a regular income while an employee cannot work, whatever the cause, if the incapacity definition is met. Many employers consider both.
Potential benefits and important considerations
Benefits
- A lump sum for the employee on a valid claim
- Can complement group life and group income protection
- Levels of cover to suit different budgets
Things to consider
- Covered conditions, definitions, exclusions and survival periods vary between insurers
- Not every illness is covered, and severity may matter
- Pre-existing conditions may be excluded depending on underwriting
How it works
Getting a group critical illness quotation
Comparing what is actually covered, not just the price.
- 01
Agree your objectives
We agree who should be covered, the benefit level and your budget.
Objectives set - 02
Compare definitions and cover
We compare insurers' condition lists, definitions and underwriting basis.
Cover compared like for like - 03
Launch the scheme
We help explain the scheme to employees, including what is and is not covered.
Employees understand their cover
Ready to take the first step?
Your initial consultation is without obligation. Speak with an adviser in Croydon or over Zoom.
Group Critical Illness Cover FAQs
Each insurer has its own list and definitions. We provide the current list and definitions with any quotation.
Normally the employee who makes a valid claim.
Many policies require the employee to survive for a set period, often 10 to 14 days, after diagnosis. This varies between insurers.
Some insurers offer children's cover or allow employees to add a partner at their own cost.
Related PMS Business services
Request a Group Critical Illness quotation
Speak to us about your business. Your first conversation is without obligation.
Important information
Covered conditions, definitions, exclusions and any survival period vary between insurers and policies. A claim is paid only if the policy definition is met.
Cover, eligibility and underwriting vary between insurers and policies.
Tax treatment depends on individual and business circumstances and may change. We do not give tax advice; please speak to your accountant or tax adviser. The Financial Conduct Authority does not regulate tax advice.
Before you proceed we will confirm in writing whether PMS Mortgages advises on and arranges this cover, or introduces you to another firm, and what that firm's role is.