Group Critical Illness Cover

Often provided in addition to Group Life Insurance, this scheme provides an employee with a tax-free lump sum benefit if he or she is diagnosed with a critical illness.

The amount of cover can either be a multiple of salary (two, three or four times) or as a flat amount.

The scheme is an annually renewed contract which, on the anniversary, takes account of leavers, joiners and changes in members’ salaries (if relevant).

Scheme members still need to be medically underwritten by the Insurer, but there will usually be a ‘free cover limit’ up to which, members will be automatically covered without any underwriting.

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