Critical Illness cover is one of the fastest growing group risk policies, ideal to supplement any sick pay arrangements and/or private medical cover.
Group Critical Illness cover is a policy taken out by an employer to pay a tax free lump sum to an employee if they are diagnosed with serious medical condition, or a defined surgical proceedure. A claim is paid when the employee has been diagnosed or suffered one the agreed medical conditions on the policy.
As an employer you are able to claim corporation tax relief on the premiums you pay, the employer is however liable for Class 1A National Insurance contributions on the premiums paid. The employee would pay a P11d Benefit in Kind (BIK) on the premiums you pay on their behalf.
Policies vary between insurers and Healthwise's experts will help and assist you to select a policy to ensure you gain the optimum cover as well as extra support offered by the insurers.
cancer accounts for 68% of claims (2017)
heart attack accounts for 9% of claims (2017)
Average claims payment £71,463 (2017)
If you require any help with your Group Critical Illness needs, please feel free to call us on 01384 456 345. Alternatively, you can use our enquiry form and we will get back to you as soon as possible.