Life/critical illness cover help?

Dan-1987

So,October last year I took out my 1st mortgage and at the same we also took out life insurance/critical illness cover.This was done through the same broker used to sort our mortgage

Me and my girlfriend have seperate policies,each one to cover the amount we borrowed on our house (108k)

The policies are with pruprotect/vitality

Anyway,I've had a few issues really from the start which have resulted in premium creeping up and up-they got my occupation wrong for a start so the original quote was based on that,then they required more info as they didn't recognise my occupation,all that's now resulted in a larger monthly premium

Also,over the last few months I've had various conversations with most people I know who have these kind of products and I've come to the conclusion that,basically we're paying a fortune in comparasion

I'm actually tempted to cancel and maybe go with a more basic package,or maybe have none at all?
I'm just looking for a bit of advice and maybe to see what people in a similar position to me have gone with

For reference I'm paying around £44 per month for my own and my girlfriends is slightly cheaper at £30ish

Thanks in advance

Dan-1987

And,before anyone mentions it,I do realise that cheapest isn't best when it comes to these products

kingstreet

You went for severity-based cover which pays out a reduced amount on the diagnosis of less-severe but more numerous conditions listed in the plan guide - about 160, if I remember correctly.

Critical illness cover usually only pays out if the severity meets the required level (such as Gleason 6 for prostate cancer) of a smaller number of conditions, 45ish being the standard for a DEFAQTO 5 star rated plan.

Talk to an IFA about the other options you could consider.

Before doing so, ensure you haven't signed an agreement that you keep the Vitality Life plan in force for x years or face a fee to reimburse the first advisor's commission clawback on earlier cancellation.

Dan-1987

Thanks for the reply,It never even crossed my mind about the fees you mention-nothing was mentioned about this,I'll have to have a good look through it