We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Group Risk - Critical Illness
Rymo_2
Posts: 40 Forumite
Hi, can I ask what is Group Risk in respect to a Critical Illness policy?
My employer offers a Flex benefits system that includes CI and IP.
I have always subscribed to the Income Protection but not the CI believing the IP would pay out till retirement should disaster strike and I be unable to work long term.
Upon checking recently I have been informed that it will only cover me whilst employed by my employer and if long term ill and unable to work my employment would cease after a year or perhaps two and so too my IP. (Perhaps that's why it's only £8.80 per month for 75% salary less ESA and WRAC.
I looked elsewhere for IP for myself and my wife and found Cirencester Friendly Society which looked good and reasonably priced. We got the application forms and documents but there is no way on earth we can find out or remember all the medical details of ourselves or our parents which are required . Contacted a local IFA to ask if they would do it for us but they won't do execution only so that's a no go!
Have decided to go for the CI instead and have been informed that the applications will be taken on Group Risk with just a tick box on my annual flex enrolement.
We are in good health as far as we know, but what is Group Risk?
My employer offers a Flex benefits system that includes CI and IP.
I have always subscribed to the Income Protection but not the CI believing the IP would pay out till retirement should disaster strike and I be unable to work long term.
Upon checking recently I have been informed that it will only cover me whilst employed by my employer and if long term ill and unable to work my employment would cease after a year or perhaps two and so too my IP. (Perhaps that's why it's only £8.80 per month for 75% salary less ESA and WRAC.
I looked elsewhere for IP for myself and my wife and found Cirencester Friendly Society which looked good and reasonably priced. We got the application forms and documents but there is no way on earth we can find out or remember all the medical details of ourselves or our parents which are required . Contacted a local IFA to ask if they would do it for us but they won't do execution only so that's a no go!
Have decided to go for the CI instead and have been informed that the applications will be taken on Group Risk with just a tick box on my annual flex enrolement.
We are in good health as far as we know, but what is Group Risk?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards