Critical Illness Cover

Group Critical Illness Income Protection provides a lump sum payment in the event of an employee suffering a critical illness that is covered within the policy.

Group policies vary slightly in the protection offered but generally they pay out upon diagnosis of illnesses such as heart attack, cancer, stroke, permanent disability and Alzheimer's disease. The benefit is a P11d Benefit, so scheme members will be taxed accordingly.

The policies are annual renewable contracts and typically provide cover to retirement age.

As with Death In Service, Critical Illness schemes can be set up as a multiple of salary, fixed amount or a multiple up to a fixed amount; the latter option being the most common. The scheme can be operated as a traditional group arrangement or as a voluntary scheme.