Key3 cover

Key 3 Critical Illness Cover has been designed by AIG to help combat the economic effect of the three most feared conditions that clients suffer from; Cancer, Heart Attacks and Strokes. Their common occurrence has resulted in almost 80% of AIG’s critical illness claims in 2015 being paid out due to one of these conditions.


The aim of Key3 cover is to enable clients to reduce future financial fears by providing a tax free lump sum upon diagnosis of one of the three conditions.

There is an optional life insurance add on which entitles your beneficiaries to a pay out upon your death or alternatively an earlier pay out if you have been diagnosed with one of the three critical illnesses and are not expected to live longer than 12 months. For those paying income tax under the allowance based system, if the life cover option is included you will be able to claim tax relief on the premiums.


AIG have focused on simplicity and affordability to create a policy that is both easy to understand and cheaper than comprehensive critical illness cover. The cover can be set up on a single or joint life basis.

Other benefits include;

  • Continued access to a medical advice service for yourself and family, even after the claim has been paid and the insurance has ended, for up to three years.
  • Further financial aid of up to £300 on top of your claim for extra expenses for example hospital parking.
  • The cover can give you and your family financial security to cover costs from mortgages to day to day activities whilst you are recovering.

Example Quotes:

For £100,000 cover including life insurance to age 65;
•    47 years old
•    Male
•    Non – smoker
•    Occupation – clerk


Key3 cover                                  = £62.47 pm
Full critical illness cover        = £79.61 pm

For £100,000 cover on a 5% p.a. decreasing basis to age 65;
•    47 years old
•    Male
•    Non – smoker
•    Occupation – clerk
Key3 cover                                  = £39.72 pm
Full critical illness cover        = £49.20 pm

As these quotes are for a non-smoker the premiums have remained low, however the premiums will be higher for smokers. 
A brief video summarising the cover entitled ‘Key 3 in less than four minutes can be found below.