Imagine being faced with very upsetting news of a critical illness. Quality of life is most important during such a time of crisis. Financial support can help your employee and their family focus on recovery.
Group Critical Illness Insurance is available for employees and their dependents and covers major illnesses such as heart attack, stroke, coronary artery bypass surgery, and cancer. Some plans cover additional illnesses such as Alzheimer’s, Multiple Sclerosis and many more.
Critical Illness is designed to provide a tax-free, cash lump sum payment when an employee, or their dependant, is diagnosed with a covered illness. This payment can be used to cover costs for private nursing, medical expenses not covered under provincial health care, additional childcare support or adapting a home to meet changing health needs.
Or, in the unfortunate circumstance of a terminal illness, the cash can be used towards travel or other personal use to enjoy the most of time remaining.
Critical Illness benefits can be structured to pay out a flat amount (e.g. $25,000) or a percentage of a plan member’s salary. Tax-free benefits can be paid directly to the plan member or their beneficiary.
Monthly premiums are affordable and a tax deductible expense for your business.
If you want to learn more about how to support your employees financially during a difficult time, please contact ENCOMPASS Benefits & HR Solutions Inc.
