Best Advice

Critical Illness Insurance

 

For some people protection in the event of illness is actually a higher priority than protection in the event of their death. For example, if you are single, self employed, and have no dependents, then protection in the event of you becoming critically ill is likely to be your highest priority. Critical illness insurance will pay you a lump sum if you are diagnosed with a specified critical illness.

 
The money can be used to pay for specialist medical care or can be drawn down and used for income if the fund is large enough.

Critical illness polices vary considerably in terms of how comprehensive the cover is, but all of them will cover a wide range of possible illnesses. It's also worth noting that critical illness policies pay out on diagnosis, irrespective of whether you subsequently make a recovery or not.

 

If you wish to discuss the above further or require information on any of our services, then please contact us. 
  
 
Any reference to legislation and tax is based on FPP’s understanding of UK law and HMRC practice. These may be subject to change in the future. Tax rates and reliefs will also change and their value to you will depend on your individual circumstances. No guarantees are given regarding the effectiveness of any of the above strategies.