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The top 5 reasons companies are adding Stand-alone Group Critical Illness Insurance to their benefits package

  1. Home The top 5 reasons companies are adding Stand-alone Group Critical Illness Insurance to their benefits package
  1. Social awareness campaigns from respective illness foundations are drawing attention to the cost of surviving an serious illness diagnosis since 1996. The Heart and Stroke Foundation Lottery Program has generated more than $200 million in direct funding for research and programs that are tangibly improving the health of Canadians. Reference: http://lottery.heartandstroke.on.ca/mission.php
  2. 89% of Canadians have had a relative or friend encounter a critical illness Reference: Ipsos-Reid survey 2005
  3. GCII very often pays when traditional disability insurance won’t.  A common misconception around critical illness insurance is that (LTD) Long term disability insurance will provide the necessary replacement income during a critical illness. The contrary is true. Reference: Great West Life Data 2012
  4. GCII is easy to implement into traditional benefit planning. Group critical illness insurance is an insurance product that you want to implement separately from other benefits. Plan types are either mandatory or volunteer and are billed directly from a preauthorized arrangement. Reference: GCI Insurance Services Consumer Guide 2013
  5. The chances of encountering a critical illness vs disability or death during the working years are significant. An individual’s probability of suffering a critical illness before age 65 is almost 10x greater than dying (34.7% chance of a critical illness vs dying 3.7% or becoming disabled 11.7% for a period longer than 90 days). Reference: GCI Insurance Services Consumer Guide 2013