03 Jul 2012
Sometimes, we need to understand the facts
Understanding the facts enables us to make informed choices. It’s not unusual for businesses to protect themselves against the impact of a shareholder of key individual dying through a life assurance policy. It is however less common for companies to insure these same individuals in the event they are diagnosed with a serious illness which in many circumstances will lead to extended absence from work or an inability to continue in their role.
We have listed below some facts regarding Critical Illnesses*
- Parkinson’s disease affects 10,000 new people in the UK each year, with 1 in 20 under the age of 40 years at diagnosis.
- Every year 150,000 people in the UK have a stroke, with a quarter occurring in people under the age of 65.
- Each Year in the UK, there are around 1,300 deaths from breast cancer in women under the age of 50.
- In the UK, around half (46%) of all testicular cancer cases occur in men under 35 years and over 90% occur in men under 55 years.
- Multiple sclerosis (MS) is a condition of the central nervous system and is the most common disabling neurological disease among young adults and affects around 100,000 in the UK.
*Source: Legal & General’s Cover Brochure (W13051 02/12 Approval Number H111655)
What can Wingate do to help?
Wingate can spend time with you to help assess who your key personnel are and provide you with a tailored report summarising the costs to insure these persons against Critical Illnesses. This review will be carried out completely free of charge so the only thing it will cost you is your time.
- We will take time to understand your business to identify your specific business needs.
- We will undertake research and issue a report detailing the options and recommendations.
- We will implement any policies you wish to put into place, including managing the medical underwriting process with the insurers on your behalf.
Wingate Benefits Solutions is here to assist you with all aspects of business protection and employee benefits. Should you wish to discuss this or any other such matter please contact your Wingate Benefit Solutions adviser on 0844 406 0027.
Tax and legislation are liable to change. This information is based on Wingate Benefits Solutions’ current understanding of UK law and HM Revenue & Customs practice and legislation. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of the information contained herewith. It is recommended that professional advice is sought prior to entering into any financial arrangement.