Group Critical Illness Insurance

Group critical illness insurance can be an invaluable benefit to offer your employees. These policies cover a wide range of conditions from organ failures and transplants to heart attacks and even some kinds of cancer. The policy options are generally easy to operate and understand, and they allow policyholders freedom in determining what their insurance payouts will cover relating to their condition. For more information on group critical illness insurance or to request a quote, contact Beckham Insurance Group today.

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Advantages of Group Critical Illness Insurance

There are many advantages of offering group critical illness insurance, including:

Wide Range of Covered Illnesses

One of the greatest benefits that critical illness insurance offers is in how many different conditions it covers. Unlike many other insurance policies and plans that only cover conditions relating to highly specific areas like cancer or dental care, critical illness insurance covers many, many illnesses. This means that the policy is more applicable to a wider range of people, as individuals don’t have to suffer similar conditions to receive critical illness insurance payouts.

Virtually Limitless Ways to Spend Policy Payouts

One of the great advantages of group critical illness insurance is that policyholders can use the lump-sum money they are paid in any number of ways if they are diagnosed with a covered illness. The money can be used for anything. Families may use their payouts to cover living expenses or transportation bills, terminally ill patients can use the money for much-needed restful vacations, etc. Any necessary treatments and critical medical services can be covered, even if they’re not included under typical policies, because policyholders can use their lump-sum cash for any related financial reason.

Types of Critical Illness Insurance

There are several types of critical illness insurance policies available. Here’s what you need to know:

Traditional Lump-Sum Cash Benefit Policy

Generally speaking, most group critical insurance policies follow the same plan pattern. These policies will pay out a predetermined amount of cash in a lump sum to policyholders with qualifying medical needs. This money can be used to cover any number of related expenses including travel to specialists, diagnostic tests, deductibles, co-pays, childcare, transportation, and much more. Where the money is spent is entirely up to the individual.

These policies will typically cover a wide range of critical illnesses including but not limited to: cancer, heart attacks, coronary artery disease, strokes, major organ failure, end-stage renal failure, loss of limb, Alzheimer’s Disease, Parkinson’s Disease, and various surgeries, diseases, necessary angioplasties, and more.

Other Policies

While the lump-sum cash benefit policy is the most common, some companies offer highly specific payout options where the money is directly sent to healthcare providers and institutions to cover medical treatments, visits, and procedures. These policies tend to be less popular, because individual policyholders are far more limited in what is covered for them relating to their illness. These policies tend to withhold any lodging or travel expenses necessary for visiting specialists, and if the visit does qualify under coverage, individuals often face lengthy reimbursement periods if they’re reimbursed at all.

Important Considerations

Group critical illness insurance companies often make a show of how many different conditions they cover in their various policies. Unfortunately, the more illnesses and conditions they cover, the more expensive the policy tends to be. When choosing a group critical illness policy for your company, make sure to check all of the conditions covered in your specific plan. This way, you’ll be able to provide the exact coverage you want to offer while maintaining a premium that works for your budget.

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Attract and retain top talent with a comprehensive benefits package, and reduce HR workload with a full suite of tools and services. At Beckham Insurance Group, we are here to help make planning and managing your employee benefits easier than ever. Get in touch today to learn more about group critical illness insurance and our other benefits offerings!

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A Division of Patriot Growth Insurance Services, LLC

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St. Simons Island, GA 31522
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Beckham Insurance Group is an authorized agent for Blue Cross Blue Shield of South Carolina.