Many employers offer workplace benefits as an incentive to attract high quality candidates for positions in their organization. A good and comprehensive suite of workplace benefits is often one of the most enticing things an employer can use to sway the mind of a prospective employee.
But what are some common work benefits?
Getting paid is the most obvious—and people often think of health insurance—but another common workplace benefit is critical illness insurance.
According to the American Association for Critical Illness Insurance, on average over 1,000,000 Americans declare bankruptcy every year due to being unable to afford the expenses related to a critical illness.
A critical illness is a type of ailment that is either immediately life threatening, or almost immediately life threatening. Examples of these are conditions such as: kidney failure, heart failure, or liver failure; most forms of cancer, stroke and paralysis.
All of these conditions are life threatening, and all could be defined as a critical illness.
All of these are also extremely expensive to treat.
And critical illness insurance is a special, separate, insurance policy (or add on) that guarantees the beneficiary will receive a certain sum of money to help cover their expenses related to one of these terrible, costly, conditions.
In a lot of ways, the most beneficial aspect of a critical illness policy is the peace of mind it can bring to the policy holder. Just knowing that your expenses will be covered should you get sick often puts employees at ease—and this is why critical illness insurance is an attractive (and affordable) option for employers to add to the work benefits that they offer.
Any employer interested in attracting new talent to their firm, and any employee interested in mitigating the potential expenses related to a critical illness, should explore the possibility of adding critical illness insurance to the benefits they give to their team.