Life Insurance

PrincessNel

A few years ago I was diagnosed with breast cancer and was lucky enough to have critical illness cover which paid out and we paid our mortgage off. My life insurance policy was cancelled. My husband continues to pay for his policy which includes critical illness cover and I have no cover at all.

We've been discussing whether I should have life insurance (and whether it's possible) and whether my husband should continue to pay for his policy. Does anyone have any thoughts or advice?

Thanks!

dunstonh

You need to speak with a local IFA if you want advice. We cant do that on an internet site as it would breach FSA rules. It is just discussion and comment here.

It is difficult to comment without knowing your needs. Yes you can get life assurance but it will be more expensive. How much more will depend on your circumstances. Whether your husband should keep paying his policy will depend on whether you have a need for it or not. These sorts of things are difficult to discuss on an open internet site as it requires you posting personal information that you almost certainly do not want to post.

PrincessNel

Thanks! Yes, I wouldn't want to give out details, I was just wondering more whether we were daft to still be paying for some insurance or moreso not to be paying for any at all. Maybe we just need to book an appointment with an IFA - just didn't want to waste ours or their time if it was silly thought.

dunstonh

I was just wondering more whether we were daft to still be paying for some insurance or moreso not to be paying for any at all.

If you had taken that view with your policy then think about how getting no payout would have changed your life. That is all really we can say as how you feel about being covered or not is a personal thing

OshayAway

It depends on the facts, such as:
Stage & Type / Grade of diagnosis
Date of last treatment
Age at onset

Depending on this, you may be able to find cover for life, and in some cases CIC (possibly) but either with exclusions or a non-standard loading/rating. Some (not most) providers will reduce the premium if a significant exclusion like cancer is applied.

McKneff

If your mortgage is paid off and you only have normal 'bills' would you actually need life insurance.

As long as you had enough money for a couple of funerals,would the survivor be able to manage on the salary that they earn.

I'm not a great believer in life cover now since I got older and no comittments.

PrincessNel

Thanks OshayAway and McKneff. We're only in our mid/late thirties so hopefully got a few years ahead of us. I think it's a good idea to book an appointment with an IFA and see what he says, taking all our circumstances in to consideration.