Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
Life Insurance; Accounting Web states:
'The tax rules on the provision of life insurance by the employer: As long as the employer arranges the life insurance and pays the insurance provider direct, the provision of life insurance is not a taxable benefit on the employee.'
Authority: ITEPA 2003, s 307
For Critical Illness Cover; HMRC Information Sheet EIM21820 confirms that the employee will not be taxable on a benefit in kind if the conditions in BIM45525 are satisfied. are satisfied.
As neither of these benefits is likely to be taxable in your hand why not just leave them in place?
I do hope that you have found my reply of assistance.