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Critical Illness Cover
cadenza82
Posts: 112 Forumite
I am self-employed and was advised that it was worth taking out Critical Illness Cover. Apparently, if I ever got some ghastly disease it would pay out a lump sum of around £50,000 (the list of allowable illnesses is limited!). I am 23 years old, and have never really had anything wrong with me at all. It currently costs me £30 a month (£360 a year) and I am concerned that I am just putting money into a plan which I may never ever use. If I continued at the current rate (and it's only likely to go up!) I will have paid out well over £15,000 by the time I'm 65.
I'm wondering whether I wouldn't be better just saving the money I'm spending out on this? Putting it somewhere where it would gain interest?
David
I'm wondering whether I wouldn't be better just saving the money I'm spending out on this? Putting it somewhere where it would gain interest?
David
0
Comments
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No-one can answer your question. If you dont claim, it is money lost. If you do claim, it is money gained.
Are you going to have a critical illness before age of 65?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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