New group critical illness insurance product from Aviva

UK health insurance giant Aviva UK has launched a fresh new group critical illness insurance product. The policy can be bought either on a voluntary opt-in basis or by a company. Customers choosing the insurance policy will have two choices of cover – standard illnesses or an extended list of illnesses.

In both cases, the benefit paid is up to five times individual salary, with a maximum payout of £500,000. The group critical illness product is likely to have a number of takers amongst UK companies.

Employees covered by the policy will be paid a cash lump sum on diagnosis of a pre-defined list of critical illnesses . The employee can then use the money however they see fit, such as paying for treatment or covering a mortgage loan .