Group Critical Illness: what it can do for your employees

Critical Illness Insurance is a type of insurance that pays out a lump sum if the policyholder is diagnosed with a defined critical illness. But Group Critical Illness Insurance is a brand of Critical Illness Insurance that is offered to people by their employer.

With YuLife, Group Critical Illness cover pays out if an employee suffers one of the illnesses or injuries defined in the policy.

This is money that can be spent where it’s needed most: helping to pay for everything from living costs to medical treatment, to necessary changes to their home.

That's something that employees will hugely value. For example, cancer is one of the biggest illnesses affecting adult men and women in South Africa today. Critical Illness cover is there to help offset at least some of the stress associated with the devastating news of a cancer diagnosis.

Because at least that employee will get a lump sum benefit that can help them through the worst days of treatment, and help offset any extra costs that come along with it.

As Josh Gordon, an actuary with YuLife points out, "Even though they do have medical aid, even if they do have adequate funds to cover the medical costs, suffering from cancer can massively impact the quality of life and that of their family. So a payment can take away a lot of that strain and help them adapt and deal with a really dark experience at that moment."

Why should companies offer it?

So why should companies offer group critical illness insurance?

After all, there's no legal obligation to do so, and times are hard for a lot of businesses – with many having to severely cut costs and lay off team members.

So why would they spend more than they have to on their employees?

Well, it might sound counterintuitive. But there are many reasons why it's a good idea to offer Group Critical Illness Insurance to employees – beyond just being nice – that actually benefits the business itself.

Here are a few to consider:

1. Attraction and retention

Employees are demanding more of their employers than ever before – and offering a benefit like Group Critical Illness Insurance is bound to help attract and retain top talent better than simply the baseline benefits.

"After all, employees who feel valued and supported by their employer are more likely to stay with the company," says Josh. "Group Critical Illness Insurance is seen by most employees as a valuable benefit that shows the company cares about their financial wellbeing. "

And in many ways that's more important, psychologically speaking, than offering a salary boost. Because salary is mandatory by law – Group Critical Illness Insurance isn't.

A company that makes an active choice to go above and beyond for their employees speaks volumes of what it's like to work there.

2. Employee morale

"When employees know that them and their loved ones are financially protected in the event of a critical illness, they can focus on their work and be more productive," explains Josh. "And because they know everyone's getting the same benefit, it creates a 'halo effect' around the company that makes everyone appreciate working there."

3. Reduced absenteeism

Absenteeism, especially in South Africa, is far higher than most employers think. In fact, research has found that 15% of employees are absent on any given day.

But by offering extra financial safety nets and support, people are less likely to be as stressed about finances should anything happen.

"Employees who are struggling financially are more likely to take sick days," Josh points out. "If everyone has Group Critical Illness Insurance, though, employees are more likely to have the financial resources they need to focus on their health and recovery, so it can save the company a lot of money in the long term." 

Overall, offering Group Critical Illness Insurance isn't a drain on company resources.

It actually protects the company's bottom line. 

How it works with YuLife

So how does Group Critical Illness Insurance work with YuLife?

Group Critical Illness with YuLife pays a lump sum out to an affected employee should they become ill with a condition that's covered by their selected policy.

Quite simply, if an employee is diagnosed with a critical illness, they can make a claim by calling YuLife or by submitting it online through the YuLife app.

The equivalent of 50 conditions are grouped under four categories, making everything simpler for employees to understand.

Added benefits

Not only that, but YuLife offers a number of unique benefits to employees even if they don't experience a crisis – so they can earn benefits from their Critical Illness Cover from day 1.

This stems from YuLife's employee engagement and wellbeing features, which are designed to encourage healthy living and reward members for taking care of themselves.

On the YuLife app, members earn points for completing exercises and doing mindfulness challenges. These points can then be redeemed for real-world rewards from store vouchers, to charitable donations.

In addition to Group Critical Illness Insurance, YuLife also offers:

• Funeral Cover
• Group Life Insurance
• Group Income Protection
• Lump Sum Disability Cover

Request a quote from the YuLife team today.