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critical illness cover- mistake?
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havingaball74
Posts: 268 Forumite
Hello,
A few years ago I took out Critical Illness cover to pay out a lump sum. I didn't take Accident and Sickness or Income Protection as I believed that working in the public sector my sick pay of 6 months full and 6 months half pay would be enough. I pay around £60 a month which I believe is alot even though the lump sum pay out is high. I have a low mortgage and some savings. I feel that I have made a mistake, especially now that i have back problems which would make getting Income Protection tricky. What should I do? I feel like I took the wrong policy out and that it is money down the drain. Should I cut my loses and cancel/reduce it?
Thanks.
A few years ago I took out Critical Illness cover to pay out a lump sum. I didn't take Accident and Sickness or Income Protection as I believed that working in the public sector my sick pay of 6 months full and 6 months half pay would be enough. I pay around £60 a month which I believe is alot even though the lump sum pay out is high. I have a low mortgage and some savings. I feel that I have made a mistake, especially now that i have back problems which would make getting Income Protection tricky. What should I do? I feel like I took the wrong policy out and that it is money down the drain. Should I cut my loses and cancel/reduce it?
Thanks.
0
Comments
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No one on a public forum will be able (or willing if they are properly trained) to give specific advise on your needs for protection insurance based on just a couple of sentences of background.
You need to either see an IFA with a specialism in Protection or an advisory Protection Broker. They can then properly assess your situation, your current policy, your objectives and make recommendations0 -
" I pay around £60 a month which I believe is alot"- on what basis?0
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