Group Critical Illness (GCI)
AKA: CI
Financial support for employees in critical times.
av. £100p.a.
for £50k of cover.
What is Group Critical Illness?
Provides a tax free lump sum paid to the member should they be diagnosed with a defined illness or undergo a defined operation.
There are generally two types of Critical Illness cover; a ‘core’ policy which covers a base range of illnesses (usually 13-15 illnesses) and an ‘extended’/’additional illnesses’ policy which covers core plus an additional number of lower occurrence illnesses (usually 20-30).
Standard definitions of Core and Extended cover definitions are set by the ABI (Association of British Insurers) and used by all of our insurers.
Why Group Critical Illness for your employees?
Provision of a valued employee benefit.
Recruitment and retention benefits.
It is low cost.
Group cover is typically cheaper than individual cover.
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Policy terms that you can choose
No. of illnesses Critical Illness is a simple insurance policy with just one choice of ‘core’ or ‘extended’ cover, i.e. how many illnesses do you want to buy cover for.
Tax treatment
Typical tax treatment of these insurances, subject to your tax advisors and tax controller.
For employers
Corporation tax
Group Critical Illness premiums do qualify for corporation tax relief as a business expense.
Insurance premium tax
Critical Illness premiums are exempt from IPT.
For employees
P11d tax
Group Critical Illness is subject to P11d benefit in kind tax.
Income tax and NI
The lump sum benefit paid to the member is tax free.
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