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Critical Illness Cover from Equitable Life
blackswan2
Posts: 290 Forumite
Hi there,
My wife and I have similar unit-linked critical illness cover from Equitable Life taken out in apx. 1997, we are in our late 40s now. I thought, clearly mistakenly, that the premium was fixed for ever.
We were surprised to get letters saying that EL will be reducing our level of cover: "for the next 10 years is £32,500 (reduced from £50,000)" - unless we increase our premiums from £13/£14 to £23/£25 a month - ie. not far off doubling.
Not sure which option to go for - or to cancel altogether. Any thoughts appreciated!
Kind regards,
Simon.
My wife and I have similar unit-linked critical illness cover from Equitable Life taken out in apx. 1997, we are in our late 40s now. I thought, clearly mistakenly, that the premium was fixed for ever.
We were surprised to get letters saying that EL will be reducing our level of cover: "for the next 10 years is £32,500 (reduced from £50,000)" - unless we increase our premiums from £13/£14 to £23/£25 a month - ie. not far off doubling.
Not sure which option to go for - or to cancel altogether. Any thoughts appreciated!
Kind regards,
Simon.
0
Comments
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How does the pricing of a modern CI policy compare to the existing one?
Eq Life have been losing money on that for the last 15 years. The guarantee period was just 15 years. So, the first review point sees it shoot up. So, whilst a pure CI policy would have given you level premiums for the term of the policy, you may end up better off by getting those 15 years and then going to a clean CI policy now (subject to health).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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