Critical Health Insurance - Can I cancel it?

bunzee

Hi all,

I have critical health insurance currently to pay my mortgage should I become critically ill. I live alone and have no dependants, so would it really matter if I didn't have this? If the worst happened I could sell the house anyway as if needed my family could house me, so I kind of feel it's an unnecessary expenditure at the moment, £47 a month which could be better used elsewhere.

My mortgage is repayment, so I don't think I have to have it, am I right?

Thanks

stephenni1971

My mortgage is repayment, so I don't think I have to have it, am I right?

No You don't normally need to have it as a condition of your mortgage.

If the worst happened I could sell the house anyway as if needed my family could house me

Should the worst happen, would you really be prepared to live with family, and you may not be in a position to buy another house if you depleted your funds....

I kind of feel it's an unnecessary expenditure at the moment, £47 a month which could be better used elsewhere.

You could argue that case with a lot of insurance, you pay your money and you takes your chances, but I for one feel safer in the knowledge that IF anything happened, I would be protected.