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Critical Illness Cover - Continue or not?
Countalot
Posts: 20 Forumite
Like many we took out Critical Illness cover to cover part of our mortgage should the worse happen, when we had children. We have a level term joint plan with £40k cover to 2011 with Guardian. We extended this to provide a further £12k cover on a reducing balance to match an extension to our mortgage about seven years ago. My partner has now retired through ill health and although we have been unable to make a successful claim on this policy we fortunately had permanent health insurance which is paying out on a monthly basis. We pay just under £70/month for the Critical Illness cover and as the mortgage is now cleared we wondered if this is still worth the premiums. Any thoughts about this would be welcome.
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Comments
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If you dont ever claim, then the money is lost. If you do claim, then you will be pleased you had it.
Are you going to have a claimable event in the future? You cannot answer that so you need to decide for yourself. Statistically about 1 in 5/6 will suffer a claimable event before the age of 65. That compares to 1 in 4/5 for life cover.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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