insurance via employer or get own cover?

silverfoxuk

My wife works for a major life company. As part of her 'flexible benefits' package she has the option to get life insurance, critical illness, income protection (PHI), medical insurance (Bupa) etc via her employer. Partners can also get cover as optional add ons for everything except PHI.

We currently get all our insurances from her employer. Are we being silly to do this?

On the plus side, the rates are currently better than we could get elsewhere and as these are 'group policies', there's no personal underwriting for the life, CI or Income Protection.

On the negative side, the rates are reviewable every year based on your age/sex so will go up every year. Also, should she ever leave her employer, she'll be uninsured (and so will I) and have to get cover (and by that time could have a pre-exisiting nasty ailment so could be expensive) (her current age is 36).

I'm looking at this now as we've just had a baby and want to make sure that if the worst happens, there are funds to care for him, perhaps up until he leaves education (possibly age 22/23?)

So would it be better to take the cheaper group cover from my wife's employer now, benefiting from cheaper rates and group (no personal underwriting) on the life, CI and income protection, OR better to set up our own policies for next 23 years (to cover the life/care of our son who is curently 10 weeks old)?

silverfoxuk

apologies for this first and final bump!