Q: How can we reduce the cost of Group Critical Illness Cover?
Critical Illness Cover gives your employees financial protection in the form of a lump sum benefit, should they become critically ill and unable to work.
The cost of your company’s Critical Illness policy is calculated depending on a number of factors. Some of these your business can’t normally control, for example the business size or industry, but some factors are related to the policy itself, and these you may be able to change.
Reducing the cost of your premiums
Things you may want to consider are:
- Reduce the level of cover: The more illnesses a Critical Illness Cover policy covers, the more expensive it will be. Different policies will state the illnesses they do and don’t cover, and as a general rule of thumb the less covered the more cost-efficient your policy will be.
- Reduce the number of people covered: The less staff under your critical illness cover, the less your business will pay. Consider only offering this benefit to senior members of your team to save on costs.
- Increase the policy excess: The more you or your employees pay in the event of a claim, the lower your monthly premiums are.
- Opting for a different type or underwriting.
- Excluding pre-existing medical conditions.
Chase Templeton can help you find the right Critical Illness Cover for your Business
Our industry experts search the whole Critical Illness market to find the right policy for your business, at the right price. For free and impartial advice, contact us today.
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