Group Critical Illness Cover (CIC)

What is Gro​up Critical Illness Cover?

Group CIC pays a tax-free lump sum directly to your employee should they suffer any of a list of defined medical conditions or surgical procedures, classified as critical illness events and survive for 14 days or 6 months in the event of Permanent Total Disability (the list of critical illness definitions will vary from insurer to insurer).  Group CIC isn’t necessarily all about the cheapest premium, the illness definitions are also worth considering.

The lump sum can be used by the employee however they wish, it is typically used to help ease some of the financial difficulties that inevitably occur when absent from work through critical illnesses. 

Product Features

Normally based on a multiple of annual salary (commonly between 1 & 3 x annual salary), companies often protect their senior executives and managers with a different level of cover to that of middle managers and below.

Benefits for employers

Benefits for employees

Taxation

The above information regarding taxation is based upon our understanding of current legislation which, of course, is liable to change in the future and would depend upon an individual’s financial circumstances.

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