By choosing the right critical illness cover, you can forget all worries about the loss of income and the troubles that your family would have otherwise suffered. It helps you face the situation with renewed courage, secure the knowledge that your mortgage and rent payments can be dealt with easily. The lump sum payment given out to patients under certain policies has helped many patients cover their utility bills and loan agreements.
The package that you choose as an employer or an employee is rather flexible and can be customized to suit your specific needs. Even in a serious health situation, there are plans that help patients lessen the financial burden on their friends and relatives. Many assume that critical illness cover is applicable to situations of terminal illness only. The fact is that it covers even serious recoverable illnesses. The lump sum payout ensures that your absence from work does not affect the financial situation of the family or business if you are an employer.
The emergency financial support comes as a major relief for those who are already reeling under the shock of having been diagnosed for a life threatening illness. It goes a long way in cushioning the feeling of distress and gives them the hope of making a complete gradual recovery and resuming work.
Group illness cover is also available for employers, which can be used as an invaluable support system for employees if they fall illness. The employer can use this plan to pay a tax-free lump sum payment to the affected employee, thus helping them deal with the situation much more assertively and confidently.
The group insurance can be beneficial to both, because it adds more weightage to the overall benefit package of the employee. It can be brought at discounted rates, and it provides a means by which the company can show its concern for its key performing employees. The employees can benefit hugely from such insurance, as it dispels all fears of financial uncertainty, their prime cause of concern under such situations. It also gives the employee a feeling of being cared for and valued by their employers.
The employees’ critical illness cover acts as a contract drawn up with an insurance company. On fulfilling mandatory conditions of regular premium payments, a tax-free lump sum payment is made, when an employee is diagnosed with a specified critical illness. Life insurance is also a part of this cover, which, in many instances, acts as a crucial additional asset to the family of the employee.
Employers and employees who want to know more about http://www.criticalillness.co.uk/”>critical illness cover can visit the given link for more details.