A qualifying critical illness depends on the type of cover level you have in place.
There are normally a set number of illnesses covered under a standard cover. This is typically around 12 core illnesses such as cancer, heart attacks and strokes. A wider range of illnesses can be covered on a more comprehensive plan, but naturally the premium will reflect this.
Schemes can be set up as a fixed level of benefit or multiple of salary. For Critical Illness in particular, a fixed level of benefit may be a good option.
Most group schemes will include additional benefits such as an EAP scheme or a health and wellbeing app. Most group scheme will also include a child benefit. For example, cover is automatically provided for a member’s child who is under 18 years old, or under 22 if in full-time education, limited to the lesser of 25% of the member’s own benefit or £25,000.
Critical Illness is a taxable benefit.