Updated: July 19, 2019

Critical Illness Cover for Business Professionals

Could your business cope if you became critically ill? We'll look at how critical illness cover protects your business and how to find the policy to best suits your needs

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Richard Angliss

Author: Richard Angliss - Finance Expert

Updated: July 19, 2019

Could your business cope if you or your employees were to become critically ill and unable to work for a prolonged period of time?

Worst-case scenarios may not be fun to consider, but taking needed precautions will ensure you’ve built a business that’s resilient over the long-term.

Commercial critical illness cover offers a safety net to safeguard the bottom line through both the good and the bad times. This makes it a common-sense option for responsible business owners and corporations who want to protect both their employees’ and their business’ income.

What is critical illness cover for businesses?

Business critical illness cover protects your company against the cost of long-term employee sickness.

Small businesses often struggle financially if business owners, or staff, become critically ill for a prolonged period: it may be necessary to employ a temporary staff replacement, while maintaining regular payment to the person who is ill. And although every UK employee is entitled to Statutory Sick Pay if they are unable to work for over four days, at just £89.35 a week, it’s not enough to provide for someone who is critically ill.

This is where business critical illness cover comes into play: businesses can receive a financial payout if an employee needs to take time off work due to a serious illness. Businesses are safeguarded with financial support that enables continued salary payments to the person recovering from a long-term illness.

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How does commercial critical illness cover work?

Commercial critical illness cover pays out a cash lump sum or provides a monthly income if your employee is diagnosed with a critical illness covered in the insurance policy.

For example, if an employee suffers from an unexpected critical illness such as a heart attackstroke, or a brain tumour, the business can make a claim. The money received from the insurance provider can be used to pay the employees’ salary while they are away, and provide for any temporary cover needed.

As a business owner, your finances are particularly vulnerable; a prolonged period of illness could set you back years and place your business on its knees.

That’s why commercial critical illness cover is often called the one insurance policy that’s absolutely critical. Its benefits can be life-changing.

If you’d like advice on how to compare commercial critical illness providers, get in touch. Give us a call on 0808 189 0463 or make an enquiry. Online Money Advisor works with experienced financial and insurance advisors who can offer tailor-made advice for your situation.

Corporate critical illness insurance

Corporations can take out group critical illness insurance cover to ensure financial viability and offer significant employee benefits.

Corporate critical illness insurance will provide a lump sum payment to any employee who has been diagnosed with a condition defined as a critical illness within the insurance policy.

This is a significant employee benefit that can help attract and keep top talent. The cover is paid directly to the employee within a few days of diagnosis. The employee won’t have to pay taxes on this lump sum of critical illness insurance, and the premiums are paid for by the corporation.

Employers may also be entitled to receive corporation tax relief on any premiums they pay. These factors make getting corporate-owned critical illness insurance a no-brainer for most corporations.

The financial advisors Online Money Advisor works with have helped hundreds of corporations successfully secure the right critical illness cover for their employees. Give us a call at 0808 189 0463 or make an enquiry and the advisors we work with will help you on your way to your best corporate insurance deal.

How to compare deals from business critical illness cover providers

Policyholders can save money on their insurance by carefully comparing the rates and deals on offer from business critical illness insurance providers.

You can do a quick online comparison of their policies and request quotes for critical illness insurance for your business. Online rates tables have made it easier to quickly search for cover, however, policy terms and conditions for business critical insurance cover vary considerably.

With this in mind, most people save time and money by soliciting the help of a financial advisor who can quickly search the whole market to find the best deals.

An insurance and finance expert can read between the lines of insurance policy and advise you on what would work best for your particular situation. Make an enquiry and we’ll put you through to the right advisor for your needs.

Speak to an expert about critical illness cover for business protection today

If a key employee (often referred to as a keyman) gets a sudden critical illness diagnosis, it can have a hammer blow impact on business. It’s one of the most stressful and frightening things a person can experience, but knowing that you will be able to provide for both the employee absent as well as regular business running costs will help you sleep at night.

Commercial critical illness cover policies payout a tax free lump sum on diagnosis of any of about 100 specified critical illnesses. The point at which a claim is triggered often varies considerably between insurers, but by getting advice, you can target insurers which will best suit your needs.

Call Online Money Advisor at 0808 189 0463 or make an enquiry and we’ll do the work of matching you with the right financial advisor for your situation.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in critical illness cover. Ask us a question and we'll get the best expert to help.

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Richard Angliss

Richard Angliss

Finance Expert

About the author

Richard Angliss has made a career in financial services which stretches over 40 years.

His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.

For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.

At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.

With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them.  Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.

He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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