Is Critical Illness Insurance A Benefit In Kind?

Comments

2 responses to “Is Critical Illness Insurance A Benefit In Kind?”

1. 

   January 20, 2014

   Mark Taylor

   Critical Illness insurance is a great benefit of any kind. 1 in 4 will contract any of the covered illnesses. In regards to that the coverages will pay cash indemnity lump sum and tax free like a life insurance policy. The policy was created by a heart surgeon who had seen patients stricken with the illnesses then due to being sick was not able to work or continue with daily normal life. They also needed financial resources to pay for treatments and to assist in paying for the accumulating financial obligations at home.
2. 

   September 5, 2013

   Peggy Mace

   Critical Illness Insurance is offered in the UK, South Africa, Canada, Australia and Southeast Asia. The type of products offered in these countries has some differences from that offered in the US. “Benefit in kind” is a term used to apply to critical illness insurance in countries other than the US. From what I can tell, this type of policy is usually considered a benefit in kind, but you would need to check with a tax consultant to be sure.
3. 

   July 27, 2013

   Peggy Mace

   Critical Illness Insurance can be a benefit in kind, but it does not have to be. If the employer pays the premiums for the critical illness policy, the policy could be considered a benefit in kind. If the employee pays their own premiums, then the coverage is owned by the employee.