Critical illness cover?

taplady

Hi everyone, I would like to know your opinion on critical illness cover. i took some out a while ago its about 25 quid a month. This was because in the past both me and OH have been seriously ill(pnuemonia and heart attack/surgery) resulting in a major alteration in income and causing us to get into debt.We are now both back in good health. the company i work for now offer an excellent sickness package of fulltime pay for at least 6 weeks and is discressionary after that.The cover is just for me not OH.
Should i continue with the cover or would i be better off putting that cash into the company stakeholder pension?

Xbigman

This sort of cover (by 'sort' I include all PPI types too) pays out the lowest amount of money as a percentage of the total premiums recieved of any type of insurance.
If you have an illness that is even vaguely related to anything you have had before they will not pay out, so with your previous poor health you will have to fight for a payout as they go through your medical files with a fine tooth comb, leaving you waiting forever for a pay out.

I consider it a total waste of time. Ditch it.
Regards



X