A policy briefing by Carers UK in August 2019 found that there are approximately 6.5 million people in the UK providing unpaid care. Whilst a large proportion of these people were providing care for elderly relatives, it also shows that a significant proportion are caring for their spouse partner (26%) or child (13%). The reasons and level of care varies, however where significant level of care is required this can have a big impact on a persons ability to work one in three stating that their annual household income has dropped by £20,000 or more as a result. In recent times a number of income protection plans have added carer benefits to support such clients and in this article we look at who offers this, when and what benefits the life assured might receive.
In some respects, providing financial support to someone that is not ill or unable to work themselves but caring for a close family member is outside the remit of a traditional income protection plan. With many plans now offering far wider support not just to the life assured but to their immediate family, it is perhaps no surprise that due to the growing number of carers in society some insurers have added such benefits.
At present AIG, LV= (not personal sick pay) and Zurich (Select plans only) all offer some form of carer support within their income protection plans. All three offer this as an additional benefit and as such it does not affect the clients’ ability to claim on the main benefit. If you would like to find out more, please reach out using any of the options below.
People living with diabetes can, for the first time, buy life insurance knowing that their premiums will never go up and can actually go down.
We have access to a new Diabetes Life Cover plan which is the first in the market to offer capped premiums.
The Diabetes Life Cover has also built in flexibility allowing for a reduction to premiums by up to 40% for consumers who manage their diabetes well.
If a consumer’s HbA1c test result falls into a lower band they will get a price reduction.
If you would like to know more, please feel free to reach out to us.