Critical Illness Insurance
Thomas Carroll Independent Financial Advisers offer expert advice on Critical Illness Insurance.
Advances in medical science have meant that many people now survive previously life threatening diseases such as heart disease, cancer and strokes, but may not be able to return to work at their previous level, if at all. Critical illness insurance provides a lump sum to help the survivor make necessary amendments to his or her lifestyle.
A critical illness scheme can be arranged in the name of the employer with premiums paid by the company. It provides financial protection and peace of mind for employees by paying a tax-free lump sum after they survive a critical illness for 14 days. It is important to note that any pre-existing or related medical conditions will not be covered by the scheme.
Group schemes can be arranged from 5 members upwards. Children’s benefits are often included at no additional cost and there is an option to include spouse’s benefits for an additional cost. Larger schemes will also have the option to ask the members to fund all or part of the premium.
Premiums paid by the employer are a trading expense and can be offset against Corporation Tax. Premiums are treated as a benefit in kind (P11D) for employees
We would be delighted to discuss review your current arrangements and discuss our Group Critical Illness proposition with you. Whatever the nature of the review, as a Chartered Financial Adviser, you can be assured that we will provide a solution that is based entirely on your needs.
Call us today on 02920 887733