Critical Illness cover without life insurance

w00519772

I am a single person in my 30s with a mortgage. I have no children.

I want to buy critical illness insurance for my mortgage. However, all providers seem to offer it as a bolt on to life insurance. On the price comparison websites; critical illness cover is a bolt on to life insurance.

I do not believe that I need life insurance (please tell me if I am wrong), because it does not matter if I die - no-one else will struggle. If I was married then I would buy life insurance to help my wife. Is this reasoning correct? or would the person who inherited my estate (my parents I believe) benefit from a life insurance payout.

My question is: do any providers offer critical illness cover independently of life insurance?

ACG

You can get standalone critical illnes cover but comparison sites are geared up to the mass market and the masses would want both.

Typically it doesnt cost a lost more to bolt on the life insurance, infact there are times I have seen the premiums lowered by bolting on life insurance.

Might be worth speaking to a broker.

stator

What about income protection insurance? Pays out monthly rather than a lump sum. Can cover illness / accidents and unemployment too

w00519772

stator wrote: »

What about income protection insurance? Pays out monthly rather than a lump sum. Can cover illness / accidents and unemployment too

I am getting both. This question was about critical illness. Do you have any of these?

kingstreet

If you get a critical illness and die within 28 days, you get no payout.

Having it combined with life cover means it will pay out for either and there is often little or no cost difference.

It's your shout.

SuperSaver123

Bear in mind that while at the moment it may seem like you don't need life insurance but in a few years or later you may meet somebody and perhaps have kids. Insurance may be much higher when you get older.

I took out a policy 7 years ago for £7.50 pcm, 3 years later had a quote for £26 pcm.

gravi8729

Critical illness cover is a form of insurance which is designed to pay out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy. Consider using an independent financial adviser to help you make the right decision.

amnblog

Get yourself some proper advice on this.

As ACG says the costs of adding life insurance to the cover is minimal.

There may also be certain types of illness cover that you consider more important and the products do vary.

Lastly you can get caught buying a product that looks 'cheap' but is poor value as premiums will rise.

dunstonh

However, all providers seem to offer it as a bolt on to life insurance.

All providers offer it standalone too. I suspect the problem is where you are looking to buy it rather than the providers.

That said, the cost difference between standalone and included with life assurance is often minimal and it may make sense to include life assurance on a long term arrangement even if you dont need it now (sometimes it is only a few pennies each month).

kingstreet

As an example, cheapest provider for Decreasing CI £100,000 over 25 years for a male NS aged 35NB quotes £21.14 per month.

By adding life cover, the premium increases to £21.35. 21p more per month.

If you are looking at decreasing cover to protect a mortgage, the usual cheapest provider of life & critical illness cover doesn't offer stand-alone CI on a decreasing basis.

It's possible that adding life cover will actually give you a lower premium than stand-alone CI in some cases.