Is Aviva’s Group Critical Illness Cover a good investment for small businesses?

Critical Illness Insurance is one of those benefits that can provide real peace of mind for your employees, especially if they’re diagnosed with a serious condition.

Aviva is one of the leading insurers who offer Group Critical Illness Cover for small businesses. In this article, we delve into Aviva’s policy and break down what it’s got to offer.

Need help finding the best Group Critical Illness policy for your business? Get free quotes and advice by contacting our award-winning advisors on 01273 222805 or [email protected].

What is Group Critical Illness Cover?

Group Critical Illness Cover gives employees a one-off lump sum payment if they’re diagnosed with a serious illness like cancer, a heart attack, or a stroke. They can then use this payment for anything they need help with.

From a business perspective, offering this kind of cover shows your commitment to your team’s wellbeing. It can also be a big draw for attracting and retaining employees, especially when you’re competing with larger companies.

But for smaller businesses, it’s important to ensure this investment aligns with your budget and workforce needs.

“Critical illness cover should be an important part of any benefits package,” says Aleen Solly, one of our expert consultants. “It gives employees a one-off benefit to support them if they are diagnosed with a critical illness.

“Employees can then use this one-off lump sum payment for whatever they need most, such as home adaptations, private treatment costs, or to cover general expenses while they are absent from work.”

Key features of Aviva’s Group Critical Illness plan

Aviva’s Group Critical Illness Cover is available to businesses with five employees or more. Some of its stand-out features include:

• Child coverage at no extra cost: Aviva’s policy automatically includes cover for your employees’ children, which is a great benefit for parents. It’s always a bonus when you can offer extra protection without extra costs!
• Second and subsequent cancer claims: As Aleen mentions, “Aviva has always had a market-leading offering and were the first to provide second and subsequent cancer and children’s benefits. They continue to stay ahead by enhancing their cover.” However, there are important restrictions to be aware of. It can’t be the same cancer as previously diagnosed, and they need to be free of cancer for five years. Plus, the subsequent cancer can’t be linked to the previous cancer.
• Extra benefits at an extra charge: Aviva offers options like Total Permanent Disability and Cancer Drugs Fund benefits, which you can add at an additional cost.
• No medical underwriting: Employees are automatically covered from the start, so there’s no need to worry about medical screenings.

Get FREE policy reviews and quotes by contacting our friendly team on 01273 222805 or [email protected].

Is Aviva worth considering for Critical Illness Cover?

Aviva is one of the biggest names in the insurance market, and their Group Critical Illness cover, while relatively new, has already made a name for itself. What sets them apart is their cancer benefits and family coverage.

However, it’s important to do your homework. While Aviva has a strong offering, small businesses should still compare other options. For example, Legal & General and Unum also offer solid critical illness products that might be a better fit in some circumstances. But, if you’re looking for something that covers the whole family and gives extra support for cancer, Aviva is definitely worth considering.

Aleen agrees, adding: “Aviva has a strong perception in the market for their risk benefits. Their critical illness cover, though newer, has always been considered market-leading because of the extra features they include.”

How does Aviva stack up against competitors?

A few things stand out about Aviva’s policy:

• Simplified underwriting: Aviva requires no medical underwriting, whereas other insurers may require more detailed health checks, making Aviva’s process quicker and more straightforward for businesses to implement.
• Cancer Drugs Fund Benefit: Aviva offers up to £100,000 for cancer drugs not covered by the NHS, giving employees access to advanced treatments. Many competitors either don’t offer this benefit or provide limited coverage, making Aviva an attractive option for comprehensive cancer care.

That said, while Aviva is leading in some areas, other providers might offer different benefits that could align more closely with your business needs. It’s all about finding the right balance between coverage and cost.

Final thoughts

So, is Aviva’s Group Critical Illness Cover a good investment for small businesses?

Absolutely— although we can never guarantee it’s the best policy unless we consider the unique requirements of your company and how the policy might interact with other benefits you currently offer.

Nonetheless, Aviva is particularly strong if you’re looking for comprehensive cover with some standout features, like second cancer claims and inclusive family benefits. They’ve no doubt built a strong offering that helps give peace of mind to both employers and employees.

Aleen sums it up nicely: “Aviva offers a wide range of additional benefits at no extra charge, and these are comparable to other providers in the market. They have continued to be ahead of other providers by enhancing their proposition by now covering more children’s conditions and more benefits on their core conditions.”

At the end of the day, it’s all about what your business needs and what your employees value most. If you’re considering Group Critical Illness cover, Aviva should definitely be on your list. And, of course, we at Hooray Health & Protection are always here to help you find the best option for your team.

Access our FREE advice and quotation service by contacting 01273 222805 or [email protected].

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