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Critical Illness Insurance

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First State Agency/ critical illness insurance

Critical Illness Insurance Provided By Our Agency

Millions of employees now in high-deductible health plans are even more susceptible to high out-of-pocket costs. Offering the Critical Illness Protection Plan gives you, and your employees added relief from the financial burdens and stress that can come with a major illness.

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Retention & Recruitment
Commitment towards employees
Employee assistance
Modifications to office

Retention & recruitment coverage

Risk Factors

Most people want to work at organizations where they feel valued when they knock a project out of the park or meet a tight deadline. But they also want to know their company cares about them on a personal level. If they don’t feel valued, they might start losing interest.

Solution

Since many organizations don’t offer vision benefits as part of their healthcare package, providing them at your company can give you a leg up in recruiting and retention efforts. Prospective and current team members will see you’re willing to go the extra mile for them, giving you a better sales pitch for promising new talent and potentially making valuable employees more likely to stick around for the long haul.

Commitment towards employees coverage

Risk Factors

With a vast array of voluntary benefits on the market and a number of companies willing and eager to sell them, people are understandably worried about making the right choice.

Solution

Employees know that their employer has vetted the carrier and considered the available benefits with their plans being offered at the workplace. Voluntary insurance also pays financial benefits regardless of any other insurance coverage employees have in place, including policies available through government health care exchanges.

Employee assistance coverage

Risk Factors

Every person has a bad or an emotional phase because of various reasons. There might be instances where someone from their family needs medical help or care.

Solution

You should assist employees and their families in dealing with critical illness's physical, emotional, and financial impact, showing other employees how much you care during their time of need.

Modifications to office coverage

Risk Factors

You may need to make a wheelchair ramp at your office because of someone's medical condition or disability.

Solution

Critical illness covers nursing care costs, adapting the home to accommodate a new disability or other essential needs.

Personal Possessions Coverage

Risk Factors

You mastered the basics of surfing during lessons in Hawaii but your wedding ring is stolen.

Solution

With personal possessions coverage, lost jewellery is covered up to your policy limits.

What is Critical Illness Insurance?

Critical Illness Insurance (CI) provides a financial, lump-sum benefit to employees upon diagnosis of a covered illness. These covered illnesses are typically very severe and likely to render the affected person incapable of working. Because of the financial strain, these illnesses can place on individuals and families, critical illness insurance is designed to help ill employees pay the mortgage, seek experimental treatment, or handle unexpected medical expenses.

Group critical illness insurance doesn't replace health insurance; it complements it. While health insurance provides payments to doctors, hospitals, and specialists, critical illness insurance provides money to employees directly at a time when they need it most.

What does Critical Illness Insurance usually cover?

Group critical illness insurance policies are designed to cover a wide variety of illnesses. These may include:
  • Invasive cancer
  • Non-invasive cancer
  • Heart attack
  • Coronary artery bypass surgery
  • Angioplasty
  • Stroke
  • Kidney (renal) failure
  • Major Organ Transplant
  • Paralysis
  • Coma
  • And more

Advantages of Critical Illness Insurance

Many people seek to purchase critical illness insurance through their employer. In addition, it is common for employers to offer it as a voluntary benefit.

Companies have been keen to add these plans because they recognize employees are worried about high out-of-pocket expenses with a high-deductible plan. In addition, unlike other health care benefits, workers generally bear the entire cost of critical illness plans. That makes it a money saver for companies, as well as workers.

Critical illness insurance can be used for a variety of things, such as:
  • Critical medical services that might otherwise be unavailable.
  • Treatments not covered by a traditional policy.
  • Daily living expenses allowing the critically ill to focus their time and energy on getting well instead of working to pay their bills.
  • Transportation expenses include getting to and from treatment centers, retrofitting vehicles to carry wheelchairs, and installing lifts in homes for those who can no longer navigate staircases.
  • Those in need of a restful place to recover can use the funds to take a vacation.

Simply put, critical illness insurance can alleviate financial worry in the event an individual becomes too sick to work.

How much does Critical Illness Insurance cost?

Insurers will want to know the below information for everyone the policy will cover before offering Critical Illness quotes:
  • Dates of birth
    The cost of Critical Illness Cover rises as we get older because we’re more susceptible to illness or injury.
  • Gender of employees
    Men and women are statistically more likely to suffer from certain illnesses, so they're priced differently.
  • Occupations
    Riskier occupations (e.g. manual work over desk work) tend to attract a higher premium.
  • Salaries
    Company Critical Illness Insurance payouts are calculated as a multiple of employees' salaries. This means the insurer will need the wages of everyone you're looking to cover and the multiple you want to offer them.
  • Whether everyone is ‘actively at work’                              An individual on long-term sickness leave at the time of the quote may attract a higher premium. Alternatively, the insurer may exclude them from cover depending on the nature of their illness.

A group critical illness insurance policy is a benefit your employees may want to take advantage of if offered. We can help you navigate multiple options and decide on a suitable plan for your employees.

Already have Critical Illness Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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