There’s undoubtedly a wellbeing crisis happening around the world – and South Africa is no exception. In fact, on any given day, 15% of South Africans are absent due to poor wellbeing. With healthcare wait times through the roof, now more than ever businesses are needing to step up and support their employees’ wellbeing. And YuLife is launching a brand new product in South Africa to help make this even more accessible to employers: Critical Illness Cover. What is Critical Illness Cover? Put simply, YuLife's Group Critical Illness cover is an insurance product that pays out a lump sum amount of money if an employee suffers one of the illnesses or injuries defined in their policy.Employers can decide between a Core Plan which covers a list of the 14 most common Critical Illnesses, or an Enhanced Plan where a more comprehensive list of conditions is covered. The three most common illnesses that are covered under this policy are heart attacks, cancer diagnoses and strokes. How does it work?All employees will have a guaranteed level of cover with no waiting periods applied – and medical underwriting is only required for employees with cover above the free cover limit. "With critical illness, you're covered up to a certain age,” says Josh Gordon, Product Actuary lead at YuLife. “Your employer will typically define the amount of cover that you're going to get." Claimants will receive a payout in the event of a serious operation or condition and on the basis that they survive for a period of 14 days. While that last point may sound a little cold, it is standard across the entire market. Josh says that this is because of the amazing advances in health science. "You're much more likely to recover and live past a critical illness or serious operation than ever before," he explains. "With our cover, employees can focus on their recovery without worrying about their household or medical bills." Why is it a vital employee benefit?Even though severe illness/critical illness cover was launched in SA in 1983, the take up of cover has been far less prominent.Not only does Critical Illness cover help relieve some of the financial worries that might be weighing on the minds of your team, but surveys also show that offering critical illness cover makes them feel more valued and supported as an employee."Employers are increasingly seeing a demand for financial wellbeing support from employees,” says Josh. “And critical illness cover is one of the most in-demand workplace benefits right now.""Employers want to do the right thing for their employees," he continues. "If you give them the right provision, they can focus on their recovery and recuperation, and if they've got that financial protection in place, they're just a bit less worried." As we alluded to earlier, we're all living through times of increased stress. Josh Gordon says that he's talked to people from all manner of industries "from supermarkets to start-ups and corporate firms" and they're all saying the same thing. "They're low. They're worried about how much employees are struggling. And it's not really a surprise, is it? It's just the way the world is at the minute. Everybody's rates have gone and interest rates have increased drastically. Employees have got money on their mind."If you're looking for a way to make your workforce feel valued, then offering group critical illness insurance as an employee benefit is a clear step in the right direction. "It's about making the employee feel valued," says Josh. "It's not always seen as a privately affordable benefit and more employers are stepping in to offer it. Fundamentally it's about making people feel cared for." YuLife Critical Illness cover offers financial security – and a helping hand at the right time.Get your team started with Critical Illness YuLife is an insurance and wellbeing benefit provider that works through an easy-to-use app that promotes everyday wellness activities. 96% of employees value YuLife as their #1 benefit and 98% would recommend YuLife to another employer.If you’d like to find out more or add group critical illness as an employee benefit then get in touch with us today for a free quote.