Life Assurance and Critical Illness Cover

Choosing critical and life assurance cover can be a difficult process given how many different policies are available and the emotional nature of these arrangements.

Whether you’re making plans for your inheritance, taking out a new mortgage, or welcoming a new member of the family into the world, putting the security of your family and loved ones first by taking out life assurance and critical illness cover is an important step.

The team of advisors at Simpson Wood understand what you are going through and can help you navigate the wide range of options available to you, including whole of life policies, index-linked cover, and level or decreasing cover.

The technology we use gives us access to the most competitive rates in the market, putting us in a position to tailor a life assurance and critical illness package to your specific needs and situation.

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What is critical illness cover?

Critical illness cover supports you financially with a tax-free, one-off payment in the event that you are diagnosed with one of the specific medical conditions included in your policy.

This type of cover is designed to help you pay for medical treatment, mortgage payments, rent or other unavoidable costs that might need to be paid while you are unable to work.

Some of the more comprehensive critical illness policies cover more than 50 different medical conditions, but it is important to know that this type of cover typically pays out once, after which the policy comes to an end.

Often excluded from critical illness cover are non-invasive cancers, broken bones and conditions such as abnormally high blood pressure.

What is life assurance?

Life assurance is all about leaving a legacy, by taking out insurance cover that pays out to your family or loved ones after you pass away.

People choose life assurance products to ensure the financial security of their family members and loved ones in the event of their death, with the pay-out often used to cover funeral costs, pay off a mortgage or to cover living expenses.

Life insurance is a form of life assurance policy that covers a certain amount of time. Should you pass away within the term of your life insurance cover, your family members or loved ones would receive a pay-out.

Life assurance is a whole-of-life policy, providing your dependents with financial security no matter when the end of your life arrives.

Income protection insurance

Income Protection Insurance is similar to critical illness as a concept of receiving a benefit due to ill health, however certain differences may occur in the conditions covered.

The main difference is how benefits are paid upon diagnosis (or injury), with benefits being paid as a percentage of your pre-condition income, for a pre-determined time period. How long after diagnosis until the income commences (deferment period) and how long the policy will pay out for are the main differentiators in terms of cost.

The taxation of benefits paid completely depends upon which policy you take, which will be heavily dependent upon your employed, self-employed or business owner status, therefore receiving advice on the matter is crucial.

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More from Independent Financial Advice

There is a wide range of contracts providing life assurance and critical illness cover, making selection of the right arrangements somewhat difficult.

We are experienced at tailor making the right package for you and by using technology, have access to the most competitive rates in the market. Please contact us to discuss your personal requirements so that we can examine which solution would be best for you.

Over more than two decades, we have built up an exceptional relationship of trust and goodwill. No issue is ever too trivial and professional advice is always gladly given. Simpson Wood is scrupulous and totally dependable.

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