This is news everyone dreads…
Unfortunately, the news of a cancer diagnosis isn’t as rare as it used to be. It seems most everyone knows a working age professional that has been diagnosed with cancer or another critical illness. It doesn’t happen just to the elderly anymore.
What if this employee is integral to your business?
Or has been a long-standing employee?
Most employers would want to help this employee and his/her family during such a difficult time.
What are you doing to help?
Do you provide Short Term and/or Long Term Disability coverage? LTD is probably one of the most important benefits coverage there is.
If you do, that’s a relief. It sure would be unfortunate to add to your employee’s health troubles with financial worries about how to pay the mortgage or rent.
Disability Insurance
Disability insurance provides income replacement when you are off work due to an accident, injury or illness. Disability premiums can be steep, however, it’s always good to remember that it’s most tax-effective if your employees pay 100% of the premiums so if/when they receive disability benefits, they are tax-free.
Beyond Disability Insurance, there is another benefit worth considering…
Critical Illness Insurance
Critical Illness (CI Insurance) came about because more people were surviving illnesses that they once died from. We know it’s a little morbid, however, it’s reassuring to know that if/when you or your employees are ever diagnosed with one of the 20-25 critical illnesses usually covered by insurers – you would receive a tax-free lump sum payout to spend as you wish.
Unexpected Expenses
- Perhaps you require treatment in another city where you need hotel accomodation for a few weeks. Who pays for the hotel? The employee does.
- Maybe you live in a city with no family nearby but you want someone to be with you during this tough time. Who pays for their flight? The employee does.
- Perhaps you are a single parent with a young child that will require additional care on those days you aren’t well. Who pays for the babysitter? The employee does.
These are expenses that are real and are not covered by provincial health care or your extended health.
Whether the employee is receiving weekly EI Sickness Benefits or disability coverage, their income will be less than they are accustomed to while their medical expenses increase.
This is where Critical Illness insurance can help.
Cost & Coverage
The common Group CI lump sum amount $10,000 – $100,000 can go a long way to cover these expenses and provide some peace of mind.
Plus, it’s not as expensive as you might think and employees don’t need to provide medical evidence (unlike an individual CI policy).
You care about your employees and their families. It’s a good option to consider.
Learn More
For more information about Group Critical Illness insurance or other benefits coverage, please contact us, etc.