CIC 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 attack, stroke, 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.

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.