Serious insurance for serious illnesses.
Critical illness insurance for your employees’ needs.
No one wants to think about getting cancer, having a heart attack, or suffering a stroke. Illnesses like these can be devastating for your employees and their families in many ways, not the least of which is financially. Even with health insurance, situations like these can leave someone owing tens of thousands of dollars in medical bills. Critical illness insurance can help.
Critical Illness Insurance in South Carolina
Serious illnesses can place financial and emotional pressure on employees and their families. Even with a comprehensive health plan, out-of-pocket costs, lost income, and everyday expenses can add up quickly.
Offering critical illness insurance as part of your employee benefits program gives your team additional financial support if they are diagnosed with a major medical condition.
It provides employees with a lump-sum benefit that can help cover expenses during recovery while allowing employers to offer a more well-rounded benefits package.
C.T. Lowndes & Co. works with South Carolina employers to review critical illness insurance options and incorporate them into employee benefits programs.
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Group Health Insurance
Risk Factor
One of the main factors in attracting and retaining good employees is the benefit program offered by employers. This typically starts with your group health insurance plan.
Solution
Regardless of the company’s financials, there are ways to make health insurance available to your employees and their dependents. Offering health insurance doesn’t have to break the bank. There are many solutions available to small, mid-size, and large employers.
Group Life Insurance
Risk Factor
When employees are worried about their financial situation, they may not be as productive. Many individuals today do not have life insurance or adequate savings to cover final expenses, which places additional stress on employees and/or their families when the need arises.
Solution
A group life insurance plan can put your employees’ minds at ease, knowing their family will have resources available when they need them. Policies can also include a dependent benefit to help the employee pay for expenses if their dependent passes. Another solution is to offer a voluntary life benefit whereby the employee pays a lower premium through payroll deduction than they would if they found coverage on their own. Group life insurance is also tax deductible.
Disability
Risk Factor
Many employers are faced with offering lower wages than their competitors and find it difficult to find and retain qualified workers.
Solution
Offering a short-term and/or a long-term disability program can provide prospective and current workers with another form of financial stability. An employee may be offered a higher wage elsewhere, but are they offered protection if that paycheck stops due to pregnancy, illness, or other disability? How will they pay the mortgage or other bills? Employers offering a disability plan can provide peace of mind to their employees and gain an advantage over those that don’t.
Group Dental Coverage
Risk Factor
Failure to have regular dental checkups can lead to more serious problems than a toothache.
Solution
Offering dental coverage to your employees can help encourage them to see a dentist on a regular basis. Gum disease has been linked to heart disease as well as diabetes. Catching these issues early not only helps your employees’ health, it may help reduce your long-term health insurance costs before a big claim hits!
Vision Care Coverage
Risk Factor
Similar to dental coverage, if your employees are not getting regular eye exams, they may have underlying medical conditions such as heart disease or diabetes that can surface later at a greater expense to your medical plan.
Solution
Offering vision care coverage is a very affordable component to offering health benefits. It’s an inexpensive portion of the benefit package with a high value of return and can help offset the impact of increased medical costs, becoming a cost-effective, early intervention tool.
Voluntary Coverage
Risk Factor
Not being able to meet an employee’s individual needs can pose a threat to worker retention and attracting new talent, both of which can be costly to your bottom line.
Solution
Offering voluntary coverage lets your employees choose benefits that are important to them. It’s a cost-effective way to provide a variety of benefits at little or no impact to your monthly premiums. Examples of voluntary coverage include:
- Critical illness, hospital indemnity, and cancer coverage.
- Life, dependent life, short-term, and long-term disability coverage.
- Dental care.
- Vision care.
Compliance Audits
Risk Factor
Compliance audits are increasing and Department of Labor fines can be costly. Do you have all of the documents and paperwork at your fingertips should you receive an audit letter?
Solution
A good benefits broker will educate you on the compliance pieces so that you are prepared for that dreaded day. A wrap document covers most of what is required and the remaining forms should be readily accessible with proof of distribution to employees and/or eligible participants.
What is Critical Illness Insurance?
Critical illness insurance is a supplemental employee benefit that provides a lump-sum payment if a covered employee is diagnosed with a qualifying serious illness.
Unlike major medical insurance, critical illness insurance pays a cash benefit directly to the employee after a covered diagnosis.
These funds can help employees manage expenses that may arise during treatment and recovery. They may be used for medical costs not fully covered by health insurance, travel or lodging related to treatment, everyday household bills, or childcare and other family support needs.
Critical illness insurance works alongside existing health coverage and other employee benefits.
Why Employers Should Offer Critical Illness Insurance
Employers often include critical illness insurance as part of a broader employee benefits plan. Providing access to this coverage can help support employees during difficult health situations while strengthening the overall benefits program.
Employers may offer critical illness insurance to:
- Add supplemental protection alongside health insurance
- Support employees during serious health events
- Enhance the overall benefits package
- Help attract and retain employees
- Offer voluntary or employer-paid coverage options
This type of benefit can be structured to fit organizations of many sizes and industries.
What Critical Illness Insurance May Cover
Coverage varies depending on the policy and insurer, but many critical illness insurance plans include benefits for:
- Cancer diagnoses
- Heart attacks or myocardial infarction
- Stroke
- Coronary artery bypass procedures
- Kidney failure
- Organ transplants
- Other serious medical conditions defined in the policy
How Critical Illness Insurance Work
A typical policy follows a simple path:
- You buy a plan that fits your needs and budget.
- If you develop a qualifying medical condition, you file a claim.
- After any required waiting period, the insurance company confirms the diagnosis.
- The insurer pays benefits as a lump sum that you can use however you see fit.
- You focus on healing while your policy helps with the financial burden of care.
This process ensures that critical illness insurance pays quickly during challenging times, giving you the critical illness benefits you need to stay stable.
Is Critical Illness Insurance Worth It?
Many people choose to buy critical illness insurance because of the real world impact it has on day to day life. It can help you:
- Protect your savings
- Cover medical bills and out of pocket costs
- Manage childcare expenses
- Reduce stress on your family members
- Stay ahead of unexpected expenses during recovery
- Keep up with living expenses or mortgage payments
For many families, that level of financial protection makes all the difference.
Get A Critical Illness Insurance Quote
For more than 175 years, C.T. Lowndes & Co. has worked with South Carolina businesses to structure employee benefits programs that support their workforce.
Our team helps employers:
- Review critical illness insurance options
- Compare coverage from multiple carriers
- Integrate supplemental benefits into existing plans
- Provide clear information to employees during enrollment
We work with businesses across the Lowcountry and throughout South Carolina to support employee benefits strategies that fit their workforce.
If you are reviewing employee benefits options or looking to expand your current program, critical illness insurance may be worth considering as part of your offering.
Get Started Today
As an independent agency, we are here to help you find the right Critical Illness Insurance coverage.
Get a Quote
Critical Illness Insurance Quote Request
As an independent agency, we are here to help you find the right coverage.
Get a Quote
It only takes a minute to get started.
- Fill out the form, we’ll be in touch.
- Review options with an agent.
- Get the coverage you need.
