GRID: Employers lack understanding of group critical illness

Just over a quarter of employers (27%) surveyed by group risk trade body GRiD were able to identify group critical illness as ‘a policy taken out by an employer to provide a tax-free lump sum to an employee on the diagnosis of one of a defined list of serious conditions or on undergoing one of a defined list of surgical procedures'. Some employers incorrectly believe group CI will pay an income rather than a lump sum to employees with a serious illness, or simply to cover expenses as a result of the illness. Others thought that the policy paid out to the employer instead of the employee....