Today discovering that you have a serious illness is more likely to be life changing than life threatening. However, it could still trigger expensive medical treatment, loss of income for extended periods, or even early retirement.
Critical illness insurance is designed to pay a pre-determined tax-free lump-sum benefit (a fixed amount or multiple of salary), which is usually conditional to the recipient surviving 30 days after diagnosis. If a claim is eligible, this money is guaranteed. It is not affected by subsequent claims against medical, income protection or life assurance policies and the recipient is free to use it in any way they choose.
Group premiums are based on individual age and lifestyle information. Pre-existing health conditions are always excluded, but Fulcrum can arrange for lifestyle questions to be waived on individual benefits up to £150,000 for groups of 5+ members (£250,000 for 20+ members).
This is a potentially extremely valuable benefit, but as usual the devil is in the detail. We can help you to compare and interpret different insurers’ contracts so that you make a safe and informed purchase.