Critical illness insurance

scarfarmer

We are trying to cut back on outgoings and at the moment have critical illness cover for both myself and my husband for which we pay £83.00 a month. Do you think we are doing the right thing by cancelling this. We have a £57000 mortgage but are both covered by life insurance for this.

silkyuk9

scarfarmer wrote: »

We are trying to cut back on outgoings and at the moment have critical illness cover for both myself and my husband for which we pay £83.00 a month. Do you think we are doing the right thing by cancelling this. We have a £57000 mortgage but are both covered by life insurance for this.

i dont think there is any correct answer personally. we have this insurance also, but if you get made redundant or are really ill or one of you dies you will get paid out. If you are confident that the above 3 will not happen then cancel it.

its all a individual choice here im affraid. you cancel and the above does not happen you are saving £83 per month, but if any of the above does happen, have you got private insurance for death, sickness and illness??

you pays your money and takes your chance!

dunstonh

You are if you dont suffer a claimable event but you arent if you do.

Statistically, you have a 1 in 6 chance of a claimable event before retirement. That compares to 1 in 5 for death. So, there isnt a lot in it.

koexelek

dunstonh wrote: »

You are if you dont suffer a claimable event but you arent if you do.

Statistically, you have a 1 in 6 chance of a claimable event before retirement. That compares to 1 in 5 for death. So, there isnt a lot in it.

Dead right.

I'm sure all of us hope we will never ever claim on our insurances and all the premiums paid ( with hindsight) will have turned out to be a waste of money.

But dare you take the risk of not having the cover though ?
I know I daren't:o

Wutang_2

"Dead right"...!!!

scarfarmer

Thanks for all your comments, think we will hang on as long as we can!