11 Purdeys Way, Rochford, England, SS4 1ND
11 Purdeys Way, Rochford, England, SS4 1ND
For Directors & Employees – Compare Quotes From The UK’s No1 Specialist
Best Price Guarantee
Whole of Market Access
FCA Authorised Advice
Critical illness insurance (also known as critical illness cover) will pay out to
your family if you have a serious medical condition that is covered under
the policy.
Life insurance and critical illness cover are usually sold alongside each other, to ensure that your family is protected if you fall critically ill. When the two types of insurance are sold together, it is usually better value for the customer as the price is brought down, almost like a multi-buy discount.The tax-free sum that you receive as part of your critical illness cover differs from that of life insurance as it is given after diagnosis. Life Insurance Cover can be purchased either by an individual or can come as a benefit from working for a company. However, the latter isn’t guaranteed as it is only certain companies that offer this perk.
Life Insurance cover is a must for those that want to guarantee that their family members are taken care of after they are gone.
Key Person Insurance is a vital form of business protection. It ensures your company remains financially secure if a team member unexpectedly dies or becomes critically ill. Your company can safeguard against the sudden loss of a key contributor, navigate challenging transitions smoothly and protect future growth with the help of Key Person Insurance.
You may also wish to take out relevant life Insurance for your employees. If an employee or director dies or develops a terminal illness, the insurance will pay out a lump sum to their beneficiary.
Critical illness cover pays out a lump cash sum, either when you are diagnosed with a condition or after you have undergone a medical procedure for the specific condition in question.
For many policies, you will have to survive for 14 days after the diagnosis in order for the insurer to pay out – this, of course, varies policy by policy. The cash sum can then be used to help to maintain your lifestyle, assist with paying the household bills, with adapting the house to fit your needs or with child care costs. A helping hand assisting you in a time of need, it can prove invaluable to many people no matter what their circumstances. Many policies also include Children’s Critical Illness Cover, which can help with funeral costs, family accommodation, etc.
A critical illness policy runs for a set amount of time – which is decided by the individual upon taking it out. The decision as to how long the policy will last will be dependent on what you are using the cover for.
For example, if you need critical illness cover so that it will give your loved ones the financial support they need after you have gone, you might want to calculate the length based on your illness. The amount that you pay for the critical illness insurance each month will depend on a variety of factors, including:
It’s important to remember that Critical Illness Cover generally only pays out once. However, a number of insurers may make a small payment after you are diagnosed with an illness that is considered less severe. You can vary the length of your policy by changing the filters to fit the specific timeline that you want. This flexibility makes it popular for many looking for support after being diagnosed with a critical illness and/or condition.
Critical illness can affect anyone, no matter what their age or lifestyle.
Critical illness can affect anyone, no matter what their age or lifestyle. Transforming the lives of both the individual and their family, it is important that they have the cover they need to protect them as the condition progresses.
It is a good idea to have critical illness cover if you have young children, can no longer work because of the condition or if you want your family to be able to pay off the mortgage.Even though people use benefits (given by the government) and savings to supplement any losses that occur as a result of contracting the condition, Critical Illness Cover can be a welcoming safety net that can usually cover up to £100,000.
The cost of the premiums is dependent on the insurer you choose and your personal case. However, the cost can be affected by how old and how unhealthy your lifestyle is – which will make the premiums higher. By comparing the quotes on our website after putting in your information, you can get a good idea of how much the insurance will cost each month so that you can budget out how much you need to spend.
It is vital to remember to pay the premiums each month because (as mentioned above) the cover will stop if you forget to do so. Before investing, make sure that you will have the money each month to pay for the insurance so that there are no missed payments and that you or your family members will receive the payout correctly.
Before investing in critical illness cover, it is essential that you check that it isn’t included in your current life insurance policy. Also, some businesses include it within their company benefits, so make sure to check this before comparing quotes online.
It’s advisable to set a maximum amount of cover based on the employee’s gross annual earnings and age. For example, 17-29 years old may have remuneration of up to 35x, while employees over 60 years old may have remuneration of up to 15x.
The amount of cover for a Relevant Life plan should be based on the lost income of the employee, including their salary, bonuses, benefits in kind and regular dividends.
The illnesses that are covered by a critical illness policy will depend on the insurer that you choose. At MyKeyManInsurance we have a wide range of trustworthy, reliable and budget-friendly insurers that offer critical illness cover, from Legal & General to Aviva and Royal London. Generally, the insurers cover permanent illnesses/conditions such as:
If you are wondering if there is a way to bring the cost of the policy down, you can do this by:
These small changes can make a big difference to the amount of the premiums each month, making them far more manageable. They are also, of course, beneficial to your personal health.
It is important that you compare critical illness insurance when you are looking for a policy for you or your loved one. You must read through the terms and conditions, including what’s included and what isn’t included, the premiums you pay each month and the process of claiming the pay out.
Through our website, you can get invaluable online quotes for both life insurance and critical illness cover that will inform you about the terms, how much they cost and how you can get in contact with the insurers to make a claim.
If you do want to make a claim, you can usually do so through a number given to you by your insurer. For the call, you will need to have the policy number to hand, alongside the details of your/your loved one’s illness and the diagnosis. The insurer will treat each claim individually, explaining all the details to you along the way.
Alternatively, we can get you a quote for your critical illness cover by phone, if you call us on 02071128844. We can use our years of expertise, alongside your details to find you a quote that you are happy with and one that will give you the cover that you need. Once you have the quote, it is vital that you get in contact with the insurer if you have any questions regarding your policy – from the terms and conditions to the premiums that you pay each month.
A few Things To Consider…
To qualify for most policies, you must be over 18 and a UK resident. You will also have to have a UK bank account in order for the payments to be taken out via direct debit each month.
Quote & Apply Online in 3 Simple Steps.
Submit the details of the key member of staff
Compare the quotes online
Fill out the application and get covered today.
Jody was very helpful in explaining the options and I thoroughly recommend his company
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
Jody was very helpful in explaining the options and I thoroughly recommend his company
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
Jody was very helpful in explaining the options and I thoroughly recommend his company
Key man insurance taxation rules have changed in 2024, affecting how businesses manage this important coverage. Here’s what you need to know about the latest updates.
Key man insurance is crucial for protecting your business from the unexpected loss of key personnel. Here are 5 reasons why every company should consider this essential cover.
Wondering how much cover your business needs? Our calculator makes it easy to find the right coverage for your key employees.
Aviva Relevant Life Insurance Review Get My Instant Quotes Start saving money on life insurance today When it comes to Relevant Life Insurance…
MyKeyManInsurance.com is a trading style of My Key Finance Limited for website purposes only.
My Key Finance Limited is Authorised and Regulated by the Financial Conduct Authority. Our FCA number is 628996. View on the FCA Register .
Registered in England and Wales No. 08954576.
My Key Finance Ltd
The information on this website is provided for general guidance only and does not constitute financial, tax or legal advice. The suitability and tax treatment of any cover will depend on your individual circumstances and may change in the future.
If you are unhappy with our service, we operate a formal complaints procedure. Details are available upon request.
If you are not satisfied with the outcome, you may be able to refer your complaint to the Financial Ombudsman Service (FOS) at
Copyright 2025 mykeymaninsurance. All rights reserved.
