Has anyone else had any experiences with life insurance and pensions being drawn as a cash payment due to serious ill health.
My husband has been told he has a critical illness with his prostate cancer. He managed to claim successfully on a critical illness insurance but all the other insurances and pensions want a consultant to confirm he only has 12 months to live which they can’t confirm as they don’t seem to have any idea how long he has left. Fortunately the meds have been working and his psa is low.
We were thinking perhaps he could take his retirement pot, albeit tiny as was self employed for years, as a tax free cash lump sum as suffering a serious illness but again it requests consultant to confirm less than 12 months to live.
it would be nice if he could draw on his policies and cut back working as he is so shattered and really slowed down.
Any advice appreciated.
Hello WATP
That's a great post, and in my "proper job" as an accountant I can't answer it for you as it would be deemed as giving "financial advice" which we aren't allowed to do!!
Honest advice is to call the Support Line on 0808 808 00 00 between 9am and 5pm (I know they are open longer hours) and see if you can get an appointment to speak to one of the trained Macmillan Financial Staff.
I am 69 at present and before diagnosis at 66 was working full time in my own practice. The HT/RT has slowed me down and my staff do most of the work - I just go in to annoy them when I am not on holiday!! It's really annoying that the HT makes you so fatigued but to be honest with you my diagnosis has made my step back and start to enjoy life more - as you say it's the financial aspect that doesn't help.
I do hope you can sort something out.
Best wishes - Brian.
Macmillan Support Line - 0808 808 00 00, 7 days a week between 8am-8pm
Strength, Courage, Faith, Hope, Defiance, VICTORY.
I am a Macmillan volunteer.
Thank you Brian. I will definitely call them tomorrow. I just want my husband to have an easier life, he is always so exhausted and as you say could then start to enjoy it and live to the full what he has left. These pensions won’t be any use in the future to him. Many thanks for such a quick reply 
️
best wishes
