GRID: Employers lack understanding of group critical illness

Considered least important

Adam Saville
clock • 3 min read

Only 27% identified correct definition of group critical illness, research finds

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....

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Group Protection

The Rising Stars of Protection: Unum's Simonia Azavedo

The Rising Stars of Protection: Unum's Simonia Azavedo

“An opportunity not taken is an opportunity lost”

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva pays out £413.8m on group protection claims in 2023

Aviva pays out £413.8m on group protection claims in 2023

Youngest insured member for life cover was aged 16

Jaskeet Briah
clock 22 April 2024 • 4 min read
Two in 10 employees have dental insurance or benefits

Two in 10 employees have dental insurance or benefits

One fifth have performed a dental procedure on themselves

Jaskeet Briah
clock 19 April 2024 • 2 min read