International Group Critical Illness Cover

What is International Group Critical Illness Cover? International Company Critical illness cover is an insurance which covers employees should they develop one of a number of serious illnesses

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How does International Group Critical Illness Cover work?

An employee would be paid a tax free lump sum if they are diagnosed with one of a set number of covered illnesses.

The lump sum they receive will be set by the employer, generally as a multiple of salary (1x to 5x salary is common), but can also be a fixed specific amount ($/£/€ 100,000 for example) 

    Why would I need to offer employees International Group Critical Illness Cover?

    Being diagnosed with a serious illness is a major event in a person’s live and will likely have a major impact on both themselves and their loved ones. 

    Aside from the emotional distress this can lead to time out of work, not being able to do the same job as before, or leave them unable to work at all. All of these scenarios can be financially devastating, partially as the average employee couldn’t continue to pay their bills for longer than three months without a consistent income.

    This is particularly true for expatriate staff who many choose to relocate, or for staff living in countries with a high cost of living.

    By offering this cover as an International employee benefit, it provides a significant peace of mind for employees and their families, should the worst happen. It is also a great benefit to attract and retain quality staff.

    Can I offer International Company Critical Illness Cover across numerous international office locations?

    Yes. International Group Critical Illness Cover is designed for businesses which have multiple office locations and want one, centrally contracted plan, to cover all those employees.

    This makes International Company Critical Illness Cover a bit more expensive than a domestic, single country only plan, however it presents numerous advantages in being able to provide a consistent and harmonised benefit level, one contract and renewal, one payment to a single insurer and no language complications.

    This also allows employee communications to be simplified and unified. All these factors significantly reduce the administration involved with running the scheme, more than covering the additional cost in premium.

    How many conditions are covered under international Group Critical Illness Insurance?

    There are normally two levels of cover to choose from; the ‘Core’ plan, which normally covers around 7 conditions, or the ‘Extended’ cover which normally covers up to 22 conditions.

    What types of conditions are covered under an International Company Critical Illness Cover?

    An example of the types of conditions covered are;

    Z

    Cancer

    Z

    Heart attack

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    Kidney failure

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    Loss of speech

    Z

    Parkinson’s Disease

    Z

    Stroke

    Z

    Multiple Sclerosis

    Z

    Coronary Artery Bypass

    Z

    Major organ transplant

    Z

    Aorta graft Surgery

    Z

    Motor Neurone Disease

    Z

    Alzheimer’s Disease / Dementia

    Z

    Benign brain Tumour

    Z

    Blindness

    Z

    Coma

    Z

    Paralysis / Paraplegia

    Z

    Creutzfeldt-Jacob Disease

    Z

    Deafness

    Z

    Heart Value Replacement or Repair

    Z

    Loss of Limb

    Z

    Terminal Illness

    Z

    Third Degree Burns

    What are the conditions most claims for on an International Critical Illness Insurance?

    The top three most claims for conditions are; cancer, heart conditions and stroke.

    How quickly does International Group Critical Illness Insurance pay out?

    It is standard for insurers to require that employees survive at least 14 days after diagnosis to be able to make an eligible claim. This is called the ‘Survival Period’

    Are pre-existing conditions covered in International Group Critical Illness Cover?

    No, cover is not available for pre-existing conditions, these would be excluded form cover as well as Congenital or Hereditary Conditions, or where the member suffered from an associated Condition prior to joining the scheme.

    What is the maximum age to be covered on an International Company Critical Illness Insurance?

    Typically the maximum age of cover is 65.

    Can children and partners be included on International Group Critical Illness Cover?

    Yes, they can be. Cover is often limited at a maximum benefit and the addition will generally attract an additional premium, however some insurers will offer cover to children for free.

    What currency would an International Company Critical Illness Insurance be in?

    You are able to select the currency that you wish to use for the Insurance. This will determine the currency for the sum insured for each member and the currency in which the premium will be paid. Insurers generally offer a choice between USD, GBP and EUR.

    What happens to the lump sum payment of our International Group Critical Illness Cover if I pay my employees in different currencies?

    The insurer will use a standard exchange rate when reviewing the requested salary multiples / fixed lump sum to convert multiple currency salaries into the currency chosen for the scheme.

    As experts in International Employee Benefits, we will be able to help navigate the complexities by providing clear advice to simplify your decision making, lower your risk and maximise your coverage, whether you are looking to review an existing International group Critical Illness Cover, or conduct a global benefits audit.

    Outstanding client service is at the core of Engage Health Group. We will be able to help review/audit, source and manage your group International Company Critical Illness Insurance, whatever the requirements you have.

    To find out more, discuss your specific requirements, or request some initial pricing, please get in touch via our contact form below or via email enquiries@engagehealthgroup.co.uk

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