A group critical illness insurance scheme is usually set up by an employer to provide a lump sum for an employee who suffers from one of a number of specified medical conditions or illnesses.

An important factor to consider is the level of benefit to be provided under the scheme. In most instances the benefit is set based upon a multiple of the employees¹ basic annual salary.

We all know someone who has suffered from a critical illness and with advances in medical treatments has survived for many years afterwards. Employers who establish this type of plan will be protecting the financial well being of their employees should they suffer from a critical illness.

*Critical illness policy definitions may vary from one provider to another and are available on request.