Being diagnosed and surviving a serious illness can often be only the beginning of very serious challenges for plan members. Significant expenses such as special medications or alternative treatments that may not be covered by regular health insurance benefits can cause plan members to be more worried about expenses and obstacles instead of their return to health and work.
Group critical illness will raise employee satisfaction, resulting in improved productivity and employee retention. In the event of a claim, this coverage allows the employee to focus on recovery by providing a lump sum, a tax-free benefit that is on top of any benefits paid through the overall group benefits plan.
Group critical illness is not offset against other benefits and can help protect recovering plan members and their families from having to ask themselves what now? It can also protect their employer’s bottom line by potentially facilitating a quicker return to work.
One option to view is Manulife’s Lifecheque Basic Critical Illness Insurance:
- Coverage for 5 major illnesses including cancer, heart disease, stroke, aortic surgery and coronary artery bypass surgery.
- Lump sum payments of $25,000, $50,000 or $75,000 with a Return of Premium option.
- Coverage for applicants between the ages of 18 and 75.