Life cover plus critical illness

littlechezza

I just want to check that this is a good deal as we seem to pay quite a lot and need to make some cut backs.
We currently pay £75.58 monthly for 20 years (this was started in 2006) the life cover we have is £111,500 and this is on a decreasing term.
Critical illness cover is included.
We do both have good sickness cover (6 month full and 6 months 1/2 pay) at work and good pensions.
Is there any way we can cut back on this or another deal we could look at.
Thanks

_Andy_

No idea if it's a 'good deal' as we don't know your situation (e.g. age/smoker etc etc)

You could cut back by eliminating the critical illness side of it and just have life cover. However having known two people who suffered things that would've been covered by CI policies, who weren't covered, and seen the financial problems their families suffered as a result, I wouldn't recommend it.
Also bear in mind that if you were to cancel it, and then in a few years time decided you want it again, it will cost more the older you get.

littlechezza

The only reason I can think it may be higher is that my husbands mum died of cancer at the age of 50 and I have epilepsy but surely these wouldn't make a huge difference, I know we will always pay more because of the critical cover.

_Andy_

May be worth speaking to an IFA to get some idea of prices at the moment.
An alternative I forgot to mention would be keeping the life cover the same and then reducing the CI element.

cdixon1041k

A lot of these types of coverages sound like a good deal but many won't pay if you die before a pre-determined number of years. It is a common "gotcha" be careful in buying these policies and consult an insurance friend you trust. Two friends of mine got caught like this. If you have an excellent policy try to keep it. Some policies are full of unseen rubbish.

Chris