Why than have so few employers taken the step to implement a Group Critical Illness program? If the data that presents itself tells us that more employees will suffer a CI, then will die or experience a disability why do employers continue to shoulder that burden?
Here's a brief case study:
Matthew, age 42 suffers a debilitating stroke. He has lost a great deal of his mobility, and in now in a wheel chair. Because he is not able to perform most of his work related tasks he will qualify for disability as he has LTD through his employee sponsored plan, but there is a 4 month elimination period. To make matters worse, Matthew now has to make some modifications to his home. He needs a wheel chair ramp to get in and out of his house, all the doors need to be widened to accommodate his wheel chair, the kitchen needs to be modified to ensure things are within reach and to top it off, Matthew can no longer drive the family car, he'll need a handicap accessible vehicle.
He lies in bed wondering where will the money come from for his regular monthly bills plus all these extra costs. The next day he calls his advisor to cash out the $55,000 he has in his RSP and the 27,000 his wife has. They get an acceptable vehicle and manage to get most of the renovations complete but at what cost!
A critical illness plan would have ensured that Matthew had the financial stability he needed. It would have meant that he would not have had to sacrifice his ability to retire by cashing out his retirement funds to make the necessary modifications to his house and it would have ensured an acceptable standard of living for him and his family.
talk to your insurer today to find out if they offer group CI, your employees financial independence may just be hanging in the balance.