Do I really need it?

kiki*_2

FTB looking at life insurance, do I really need critical illness? It's £7 a month without but 37 with! Doesn't seem to cover for things anyone is likely to get anyway. Could I start without and then add critical illness at a later stage? Does it renew each year like car insurance?

taxsaver

You cannot generally add it at a later stage. Whether you 'need' it or not is very much an issue of personal choice.... what would you do if you DID get one of the conditions and were then unable to meet your mortgage commitment? Only you can decide whether or not and extra £30pm is owrth it for you.

chambta

There's no obligation any longer to have life cover let alone critical illness. Generally speaking life cover is a fixed payment for the term though critical illness can change in price.

G_M

Only a vry few insurances are compulsory: car 3rd party cover; buildings insurance if you have a mortgage. That's about it!

Pet insurance? house contents? travel? comprehensive car cover? boiler breakdown? water supply pipe? critical illness?........

It all depends on what responsibilities you have (partner? kids?) and what risks you are prepared to take..... or prefer to not take!

kiki*_2

I have a partner but no children. Can u leave one company to move to another? As obviously I would like to !!! cover for children at some point. I don't like risk but 37 a month is a lot! For first year or so I'd like to keep payments of everything low until we get used to paying for a mortgage.

chambta

kiki* wrote: »

I have a partner but no children. Can u leave one company to move to another? As obviously I would like to !!! cover for children at some point. I don't like risk but 37 a month is a lot! For first year or so I'd like to keep payments of everything low until we get used to paying for a mortgage.

As you hinted at you could take life cover now and always buy critical illness cover later but it will likely be more expensive as you get older.

jonny_power

We've got the same issue actually. Our mortgage broker is giving us the hard sell on getting Critical Illness Cover on top of Life Insurance. Now I work in health economics, so quite happy to argue the toss about our chances of getting one of the select illnesses on the policy... and also the fact that if I was ill I'd either be happy to work whilst being treated, or if I popped my clogs then my life insurance would pay out for my wife. Personally, with healthy families and a reliable job I'm not too fussed about CIC.

G_M

Critical illness cover is about covering you if you become unable to work. But yes, different policies will cover/exlude different illnesses. A cheaper policy will exclude more conditions!

You can take out either/or life/critical illness cover at any time. However the premium is usually set at the time you take out the policy, and the younger you are the cheaper it is. So yes, you could take out a new CI policy bext year, or in 5 years, but you'll be older so the premiums will be higher.

kiki*_2

I'm only 25, mortgage is 30yrs so I'm likely to have paid it off before I get a critical Illness?

shirlgirl2004

Just a bit of perspective. My brother was a healthy 36 year old until he suffered from a ruptured barin aneurysm. This has left him unable to work (or indeed do anything other than breath). Please don't fall in to the trap where you think it will never happen to you. It happens to someone and that someone could be you. I can't tell you that you should have it but I can tell you that people of your age end up with critical illnesses and you could be one of them. Just think about what would happen if you didn't have it and what the alternatives are.

kiki*_2

Thank you shirlgirl! A bit of perspective definitely helps!