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How Your Organization Can Stand Out with Optional Critical Illness Insurance

Optional critical illness insurance is an added benefit provided by an employer. Employees who buy coverage pay premiums through payroll deductions.

There is no obligation to buy.

It comes with 2 major benefits for employees:

Competitive rates – Employees can take advantage of their employer’s group buying power. This helps gain insurance coverage at rates better than they’d likely get on their own.

No health questions – With some workplace policies, employees can also get coverage up to a set amount (up to $50,000) without answering any health questions. This is something they can’t get on their own. Even employees who may have been declined in the past can apply. Coverage won’t cover a pre-existing condition. The diagnosis needs to happen after the effective date of coverage. It’s important for employees to read the specific terms and conditions of the policy before buying coverage.

With an optional critical illness coverage, your employee receives a one-time tax-free payment if they:

  • receive a diagnosis for a covered illness after the effective policy date,
  • survive the waiting period (usually 30 days), and
  • we approve their claim.

Unlike disability insurance, payouts for critical illness insurance happen regardless of whether the employee can return to work.

Our plans cover a variety of the most common serious and life-altering illnesses. These include life-threatening cancer, heart attack, stroke, blindness, deafness, paralysis, kidney failure, and multiple sclerosis. Our plans also includes Alzheimer’s and Parkinson’s disease with terms and conditions applied.

How can optional critical illness insurance benefit your organization?

Employees are looking for an employer of choice – and critical illness insurance has value. You can differentiate yourself as an employer by offering optional critical illness insurance.

Here are some facts to look at:

  • 6% of Canadians with a group or individual life insurance have critical illness coverage.
  • 78% of employees haven’t saved any money or planned for a health event.
  • 38% of working Canadians have experienced financial hardship because of a health event.

In a competitive marketplace, a benefits package that includes critical illness insurance can help your organization attract and retain talented people.

Our optional critical illness plans for your organization:

  • Is a low cost way to increase the value of your company benefits plan.
  • Provides employees with a cost-effective way to protect themselves and their families.
  • Enhances your organization’s reputation as an employer of choice.
  • Promotes confidence, which can help lower loss of productivity, temporary absences and disability claims.

Empower your employees

Critical illnesses – like life-threatening cancer, heart attacks and strokes – have become quite common. According to the Canadian Cancer Society, it’s estimated in 2020 that over 600 Canadians were diagnosed with cancer everyday.

The good news is that there’s an increase in survival rates for many critical illnesses. But that means a growing need for help in covering the many costs associated with recovery. That’s where critical illness insurance can help.

The addition of optional critical illness insurance offers an important financial safety net that helps reduce mental stress and increases engagement. For the employer, it shows organizational support for employees. It also enhances an organization’s reputation as being an employer of choice.

Know more about our optional critical illness insurance plans. Talk to a Trust Life advisor about how Optional Critical Illness Insurance can support your organization’s goals.