Standalone Critical Illness Cover - necessary

catweazle_2

I feel it's not necessary in my case as my reservations are: 1. It's not linked to a morgage (I can see the point of that). 2. It's not offered as part of an endowment life insurance (do those exist anymore?) 3. I have no dependants. (I can see the point of it then too). 4. As a person with pre-existing conditions, I am concerned that should I want to claim if the worst should happen, these would be used to contest paying out. 1. It's not linked to a morgage (I can see the point of that) 2. It's not offered as part of an endowment life insurance (do those exist anymore?) 3. I have no dependants. (I can see the point of it then too). 4. As a person with pre-existing conditions, I am concerned that should I want to claim if the worst should happen, these would be used to contest paying out. Is that really what you need when your ill? My thoughts are - for me, essentially it's a gamble, but one which seems distinctly in favour of the insurance company Ultimately, I feel it's not right for me, I'd rather put the money in something else....... but if anyone has any further thoughts I'd be interested.

dunstonh

I feel it's not necessary in my case as my reservations are: 1. It's not linked to a morgage (I can see the point of that). 2. It's not offered as part of an endowment life insurance (do those exist anymore?) 3. I have no dependants. (I can see the point of it then too). 4. As a person with pre-existing conditions, I am concerned that should I want to claim if the worst should happen, these would be used to contest paying out.

You have highlighted four reasons that really have nothing to do with it not being a good reason (or not).

1. It's not linked to a morgage (I can see the point of that)

You can if you want (if you have a mortgage) but it doesnt matter if it isnt.

2. It's not offered as part of an endowment life insurance (do those exist anymore?)

Thankfully, these no longer exist. Although one provider has recently started offering a type of regular contribution endowment again.

3. I have no dependants. (I can see the point of it then too).

doesnt matter. its there to help you not your dependants.

4. As a person with pre-existing conditions, I am concerned that should I want to claim if the worst should happen, these would be used to contest paying out. Is that really what you need when your ill?

Which is a good reason to have an underwritten health related plan like CI. As long as you had the CI policy before the medical conditions or you made them aware of them at point of application then there is no reason for them to reject a claim as they underwrite at point of sale.

My thoughts are - for me, essentially it's a gamble, but one which seems distinctly in favour of the insurance company

That is correct and goes for every single type of insurance. The insurance company has to profit and you are covering a risk that may or may not happen. There is a gamble if you dont cover it as well.

Ultimately, I feel it's not right for me, I'd rather put the money in something else....... but if anyone has any further thoughts I'd be interested.

The simple answer to that is; do you know if you are or are not going to suffer a claimable event?