Am I over insured

Kerry_o'keefe

I have Life insurance, Critical Illness and Salary Protection. Am I over insured ?

Any help much appreciated

Thanks

Kerry

Money_Saving_Mandy_2

Hello, yes this is something I am wondering myself too.

I currently have MPI (£20 a month) and Critical Illness (£21 a month) and Life Assurance (£6 a month). I am a 25 year old single woman with no dependants and am beginning to wonder if I should bother with all the above.

My employer would pay a lump sum to my next of kin in my death (hence no need for life assurance), has a redunancy package and good sickness policy etc. So am I paying out needlessly, I think so!? Critical Illness is a scary one as who knows what the future holds but Im a healthy 25 year old, do I really need it now!!!?? So should I cancel all the above and save myself £47 a month (£564 a year).

Any advice or thoughts appreciated.
:rotfl:

The_Economist

I would say read the small print to see what these type of insurances actually cover you for.

C_Ronaldo

Yes find out what the policies cover you for, this was on watchdog the otehr week where people werent covered for 1 reason or another

dunstonh

I have Life insurance, Critical Illness and Salary Protection. Am I over insured ?

They all cover different things plus you dont mention the amounts.

No doubt you have car insurance and house insurance as well and perhaps travel insurance when you go on holiday. None of which makes you over insured.

this was on watchdog the otehr week where people werent covered for 1 reason or another

The FOS had to make a statement to the financial press to clarify that their figures were taken out of context by watchdog. Watchdog is not exactly the most reliable when it comes to facts.

I currently have MPI (£20 a month) and Critical Illness (£21 a month) and Life Assurance (£6 a month). I am a 25 year old single woman with no dependants and am beginning to wonder if I should bother with all the above.

Life cover seems a waste as no-one is financially worse off in the event of your death. CI is fine. MPPI isnt as good as PHI for income protection but its budget option.

but Im a healthy 25 year old, do I really need it now!!!??

My youngest claimant was 26 with breast cancer and I had a claim on a 30 year old a few months back with a heart attack. Both were healthy with no medical history prior to that.

dunstonh

s this to provide an amount to cover funeral expenses though? If so I would keep this going for the small outlay involved.

Most people have more than enough to cover the cost of funeral expenses from the value of their estate.

Funeral expenses life cover plans are overated and oversold (although most are bought from adverts nowadays without advice). Where there is a financial need, fair enough but single with no dependants means no financial need.