Group Critical Illness Insurance
CCW Global is able to offer companies in Hong Kong and across the Asia-Pacific region with comprehensive Critical Illness Insurance coverage options for the protection of employees.
Critical Illness Insurance is not normally a cornerstone of a business’ employee benefits offering, but can bring vital peace-of-mind to workers who know that they will be protected for lost wages in the event that they fall seriously ill with an illness like Cancer or Heart Failure.
Companies offering Critical Illness coverage to workers are providing an extra level of security to employees, which can often enable the organization to attract superior talent and more qualified workers to the business. Additionally, depending on the contracts the company provides to its employees, a Critical Illness Insurance policy can help a business to cover its risk of “wasted” wages in the event that a key employee falls seriously ill and is unable to work – giving the business further protection against the full risk impact of having a sick employee, who is unable to work, continuing to draw wages from the organization.
Critical Illness Coverage for Companies
Critical Illness Insurance can be purchased by a company for the benefit of employees. If such coverage is in place, then employees will be entitled to receive a financial settlement in the event that they are unable to work for an extended period of time due to illness.
If an employee is diagnosed with a serious, critical illness then the insurance policy will provide a lump-sum payment to the worker which can be used to replace the income the individual has lost due to their inability to continue working while receiving treatment.
When setting up a Critical Illness Insurance policy the business will define the coverage limits which are to be given to employees in terms of the total benefit to be paid upon diagnosis of illness. It is important to note that a Critical Illness Insurance premium will be priced in the same way as a Term Life Insurance plan, and that Women will have a higher premium than Men and Smokers will cost more than Non-Smokers.
As such, for organizations that have elected to include Critical Illness protection in their employee benefits package, the coverage has been used as an incentive for promoting healthier lifestyles in the workforce – by enabling employees to receive a lower CI insurance premium for being “healthier” the organization can incentivize health related metrics and inspire greater levels of energy and productivity in workers. As Group Critical Illness Insurance plans are yearly-renewable contracts the business can benchmark employee “health” performance and, for example, provide reward incentives for employees who have quit smoking over the previous policy year, or for employees who have started to make healthier dietary choices.
The benefit of this? Research has shown that healthier workforces tend to be more energetic and more productive. So while a Group Critical Illness Insurance policy can provide employees with a financial safety net in the event that they are diagnosed with a severe illness or disease, the policy can also act as an internal incentive for improving the overall outlook of the business.
Free Group Critical Illness Consultations
If you would like to receive a free no-risk, no-obligation consultation on Critical Illness Insurance coverage for your business, or if you would like to look at the alternate business life insurance solutions available in Hong Kong, China, and the Asia Pacific Region, please Contact CCW Globalto speak to an expert corporate insurance broker today.
You can also learn more about the extended services which CCW Global is able to offer to our corporate and enterprise customers by clicking About CCW Global.
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