Critical illness insurance policy - Critical illness insurance quote
A group life and critical illness cover policy is generally a scheme that is normally offered by an employer but provided by an insurance company whereby they offer a group life and critical illness cover policy as part of their employees’ benefits package. Alternatively, they may have an arrangement with an insurance company whereby they can offer their employees group or a joint critical illness cover policy at a more competitive price. Group cover can be seen as being beneficial for both parties; not only will the premiums payable be cheaper than if you were to take out the cover individually but the company are demonstrating a level of care and consideration to their employees’ families and their future.
Critical assurance is provided by a wide range of insurance companies and is one of the cheapest forms of protection available. It is there to provide a set benefit amount should anything happen to the life assured during the lifetime of the plan. The sum assured (benefit amount) and term (lifetime of plan) is set out to your specifications. Therefore, critical assurance and life is unique to your requirements. Additionally, you can have the critical assurance on a level or decreasing basis.
Critical illness insurance specialist - Decreasing critical illness assurance
Should the company offer a group plan as part of the employees benefit package it is sometimes also known as death in service and they are likely to have got a group critical illness insurance cover quote from a critical illness insurance specialist. It is generally based on a percentage of your salary and dependent upon the number of years you have been with the company. The monthly premium will be paid by the company as it is a benefit provided by them. The group plan is then payable to your nominated beneficiary should you die prematurely whilst still in their employment. The beneficiary is normally your partner, family or dependents but is your decision. The only fact you will not have influence on is the benefit amount. Should you wish a greater sum assured (benefit amount) it may be possible to come to an agreement with your employer and pay any additional premium.
Whatever, such benefit in kind provides guaranteed life cover for you family/dependents, providing you with peace of mind that they will have financial support in the event of the unexpected happening. The life and critical illness plan is likely to have been sourced via a critical illness cover quote from a critical illness cover specialist. Alternatively, if your employer does not provide such a benefit, they may have an agreement with an insurance company whereby their employees can have guaranteed life cover at a discounted monthly premium. The guaranteed life cover benefit amount and term can be set out to your requirements as in effect you are buying the critical illness cover it is just via a third party, your employer. Once again, the beneficiaries are your choice and one way to ensure the money goes to them is to place the cover in trust