Critical illness policies can improve your own and/or dependant’s financial security in the event of a claim, making debts, the cost of treatment and general living expenses easier to manage.
But critical illness policies alone may not be the solution to every financial struggle those diagnosed with a life threatening illness face.
Anyone considering critical illness cover should also be aware that not all conditions are covered and that policies can vary widely from one insurer to the next, including in terms of when payments will be made. The cheapest premiums, for example, are unlikely to be attached to the most comprehensive cover.
This guide will tackle what role critical illness should play in financial planning, the pros and cons of these policies and how to ensure your client understands the need for this cover and ends up with the right product for the right price.
Supporting material has been provided by Jennifer Gilchrist, senior product development manager at Bright Grey and Scottish Provident; Steve Payne, managing director of protection for Friends Life; Peter Hamilton, head of retail propositions for Zurich; John Wilkinson, UK protection director of Aegon; Kevin Carr, chief executive of Protection Review; and Alan Lakey, senior partner at advisory firm Highclere Financial Services.
This guide is produced in association with Friends Life. The editorial is independent.