BUSINESS CRITICAL ILLNESS
Protecting your business against the unexpected.
What is Business Critical Illness cover?
Business Critical Illness Cover is a type of insurance designed to provide financial protection for businesses in the event that a key person or employee suffers a critical illness. It offers a lump sum payment to the business if the insured individual is diagnosed with a covered critical illness during the policy term.
Business Critical Illness Cover is designed to help businesses mitigate the financial impact of a critical illness affecting key individuals, providing financial stability and continuity during challenging times.
Key Features
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The policy provides a lump sum payout to the business if a key person or employee covered under the policy is diagnosed with a critical illness specified in the policy.
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The lump sum received from the policy can be used by the business to cover expenses such as recruiting and training a replacement, loan repayments, or addressing any financial challenges arising from the critical illness.
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The policy typically covers a list of critical illnesses, such as cancer, heart attack, stroke, organ transplant, and other specified serious medical conditions. The covered illnesses may vary depending on the insurance provider and the specific policy.
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The policy terms, coverage amount, and premiums are determined based on the business's needs and the insured individual's risk profile.
Talk to our experts today to learn how critical cover can benefit you and your business.
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Financial Protection: Business Critical Illness Cover provides a lump sum payment to the business if a key person or employee covered under the policy is diagnosed with a critical illness. This financial support can help cover expenses and maintain business operations during a challenging time.
Key Person Replacement: If a key person falls critically ill, the policy proceeds can be used to recruit and train a replacement, ensuring the continuity of important roles within the business.
Customisable Coverage: Business Critical Illness Cover can be tailored to suit the specific needs of the business, including the coverage amount, policy duration, and the critical illnesses covered. This flexibility allows businesses to align the coverage with their unique requirements.