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.
Exploring Workplace Benefits
This is often a mechanism that smart employers will use to attract the very best workers possible- Namely the offering of good workplace benefit plans to fill important positions in their companies. A comprehensive range of workplace benefits is arguably the most enticing of perks for any prospective employee.
Work Benefit Packages
The big plus in having this kind of policy protection is that one will, under the plan’s details, getting compensated, often handsomely. Standard health insurance is a given it would seem, but for extra added protection, having one of the common workplace benefits, known as critical illness insurance, can be a huge plus.
The American Association for Critical Illness Insurance claims that, on average, over a million Americans claim bankruptcy annually, simply because they are unable to handle the often outrageous and overwhelming costs that are part and parcel to dealing with a critical illness. A critical illness is a kind of sickness or condition that is life threatening now or will be in the near future. Instances of these conditions include heart, liver and kidney failure, cancer, stroke and paralysis.
Since all of these can be deemed life threatening, they all can fall under the category of critical illnesses. And, it is important to note, all are very costly to treat. Critical illness coverage is a unique and separate insurance policy (or rider) that ensures that the beneficiary will obtain a certain amount of money to offset expenses related to any one of these challenging and horrifying conditions. This coverage (and others offered in a workplace benefits package) offer priceless peace of mind for the policyholder in knowing that he or she will be well protected and that most (if not all) expenses are covered should an event result in loss. Employers add this component to a work benefits plan for this very reason.
Employers seeking to better attract new talent to their company and, of course, any existing employee hoping to have help in mitigating the potential costs related to critical illnesses, are well advised in exploring the possibility of adding critical illness insurance to the work benefits package offered by many companies.