Critical Illness Insurance: Why do your employees need it?

Critical illness cover is an extremely valuable insurance policy that will pay out if an employee or one of their loved ones is diagnosed with a serious illness. Here we explain why every employer should be providing it.

Yugi the Giraffe - 1 March 2022

Every employee within an organisation, regardless of position, has a livelihood to support outside of the workplace, whether that be providing for their family, paying for accommodation, or keeping up with bills.

But if they find themselves suddenly unable to work due to a serious illness or injury, what happens?

Employers need to be aware of the impact that a serious health problem can have both on that individual and their dependents. Implementing workplace benefits that ensure employees are covered in this eventuality can help to reassure your workforce that they and their families will be supported should they become seriously ill whilst under your employment.

This is where critical illness insurance comes in. Here we explain why every business should include this cover in its benefits package:

Why should you provide group critical illness for your workforce?

1) It’s valued by employees

It’s safe to say that critical illness is becoming more and more popular with employers and employees alike, with research showing that critical illness insurance is among the top insurance benefits that people want their employer to provide.

An increasing number of employers are adopting critical illness insurance policies to cover their staff as a result of this growing demand. It’s not surprising then that the number of lives covered by group critical illness protection has grown by more than 70% in recent years.

2) It will help you attract the best talent

Providing critical illness cover for your team will show you care about them. Sickness can be expensive, in fact, the average person is £570 worse off each month due to a cancer diagnosis, and providing insurance gives employees peace of mind to know they are financially protected should the unfortunate happen – but they aren’t the only ones who benefit.

Critical Illness Cover also benefits employers, who often see an increase in retention from current employees. The influence that financial wellbeing can have on people's health and happiness is often underestimated, and by investing in your staff in this way, you encourage them to care about the company and increase the likelihood of them sticking around for longer.

As well as increasing loyalty among current employees, group critical illness cover can help you appeal to new talent in your industry. Taking on this cost is a great way to show yourself as an employer who cares about their workforce and ensures that the best applicants fill your roles.

3) The need for health support is growing

With people living longer, the Office for National Statistics predicts that more than 24% of people living in the UK will be aged 65 or older by 2042. It is expected that much of this ageing population will continue working beyond pension age.

Businesses are recognising that with an ageing workforce comes more risk that employees may become seriously ill whilst under their employment. With the ongoing pressures on health services and the NHS, forward-thinking employers are beginning to understand the growing need to take responsibility for the health of their staff, and providing critical illness insurance is a simple and low-cost way of doing this.

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If you are looking to provide critical illness insurance for your employees, YuLife is here to help. Our group risk benefits provide essential financial protection to employees and their families, providing a financial lifeline to people when they need it most.

YuLife is the first digital insurance provider to offer long-term financial protection for employees and engage with them by rewarding healthy lifestyle changes via our gamified app. This is supported by an extensive package of preventative health benefits that protect the wellbeing of employees.

Click here to get a quote and learn more about how YuLife is working with hundreds of businesses to provide workplace benefits that engage, reward and protect their people.

Yugi the Giraffe

Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.