Do I really need it?

geoffky

30yr mortgages...oh dear i thought they had gone along with all the other madness such as 120%mortgages.. those 5 years must cost you a few quid extra?

kiki*_2

It's only 30yrs for first year to give us a bit of a more comfortable start then we will be lowering it to 25yrs. It's a personal choice and we are well informed and know why we have done it.

Doozergirl

kiki* wrote: »

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

What a strange question. My mother was diagnosed with critical illness at 29 and was unable to work within a year of that diagnosis. You simply don't know what is around the corner. Ignorance would not be bliss if, God Forbid, anything did happen; by which point it is too late to apply.

For me, critical illness cover would be more important than straightforward life insurance. If something happened to me that made me useless then my H would have even more responsibility than if I passed tomorrow. He'd have the responsibility of looking after me, helping me with appointments as well as the responsibility of having to continue earning to cover all of the bills and running the home. Critical illness cover relieves some of that pressure. If it doesn't pay off the mortgage (it doesn't have to) it could be used to enable him to work less or provide a carer or indeed, just relieve that responsibility. With children, it becomes more important.

A proper risk based conversation with an advisor who is properly trained to ask the right questions and make genuine recommendations would help you decide what is important to you. It shouldn't feel like a sale. Critical Illness cover to me is just part of being grown up, along with all the other bills. It's important to me to have the right level of cover. The likelihood of needing it is higher than a significant claim on home insurance, yet a lot of people put home insurance higher on the list.

£37 for what level of cover? We're changing provider and I'm getting 5* all singing, all dancing policy with a significant level of cover - to cover both mortgage and relieve pressure on the business for pretty much the same price. I'd take the conversation over to the insurance board and see if you can get a better price for decent cover.

kiki*_2

£37 was with the company the mortgage people recommended, Ive now found one for £23 a month which seems fairly comprehensive. Annoying thing is they miss out so many illnesses so you aren't being covered for many eventualities.

Cash-Cow_3

All insurance policies are a waste of money............. until you need to claim.

joerugby

If you are seriously ill and cannot work and don't have the support of your employer you will have financial problems which extend much further than the mortgage. If you believe you need insurance have you considered Permanent Health Insurance?

G_M

kiki* wrote: »

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

:rotfl: :rotfl: :rotfl: :rotfl:

I'm a very careful driver so I won't have an accident.

My house was built 3 years ago and I maintain it well, so it won't get struck by lightning.

On holiday I always keep my money safe in a hidden belt wallet so I won't get mugged.

Why do I need any insurance? For anything?

Ive now found one for £23 a month which seems fairly comprehensive. Annoying thing is they miss out so many illnesses so you aren't being covered for many eventualities.

As I said above, cheaper policies cover fewer illnesses. Though I don't understand how you can say it is 'fairly comprehensive' and then say "aren't being covered for many eventualities"!

Don't just shop around on price, check the details of the cover too.

kiki*_2

I dont need any extra insurance, I'm reluctant to have this one! We will have life insurance and critical illness, if anything else happens it will be a case of selling the house and moving back with parents. You could end ip spending your whole wage on different insurances and still not be covered for a freak accident or illness!

Doozergirl

kiki* wrote: »

£37 was with the company the mortgage people recommended, Ive now found one for £23 a month which seems fairly comprehensive. Annoying thing is they miss out so many illnesses so you aren't being covered for many eventualities.

Agree. That's why we're changing policy ourselves over to Pru Protect. I don't work for them(!) but there are many more conditions covered and they pay a percentage based on the severity so there is much more flexibility and to me, seems based more around the practicalities of real life.

kiki*_2

G_M wrote: »

:rotfl: :rotfl: :rotfl: :rotfl:

I'm a very careful driver so I won't have an accident.

My house was built 3 years ago and I maintain it well, so it won't get struck by lightning.

On holiday I always keep my money safe in a hidden belt wallet so I won't get mugged.

Why do I need any insurance? For anything?

As I said above, cheaper policies cover fewer illnesses. Don't just shop around on price, check the details of the cover too.

This £23 one covers exact same illnesses as the £37 one, I've made sure I'm comparing like for like.