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Critical Health Insurance

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I have had critical health insurance for years now and it expires in 10 years. It pays out £66k if succumb to a serious illness but survive.

I pay £23 a month for this. It seems very expensive and wonder in any case what loopholes there are to prevent payouts.

Any opinions on why i should keep this going? It's not as if £66k will pay off my mortgage (though it would have done when I took the policy out).

G

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  • dunstonh
    dunstonh Posts: 119,594 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I pay £23 a month for this. It seems very expensive
    Compared to what?
    and wonder in any case what loopholes there are to prevent payouts.

    Read the policy document and find out.

    There are no loopholes. Providing you have been truthful with your disclosure and the condition is one of the things covered under the policy, as listed in the policy document, then there is no reason for the payout not to occur.
    Any opinions on why i should keep this going?

    Insurance is about personal choice. Some will say dont bother. Others will say keep it. There is a claim rate ratio of around 1 in 6 before retirement so the odds are good. Although CI cover should come after PHI cover in the list of needs to be covered.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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