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CIC - is it worth it?
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rb157
Posts: 14 Forumite
I thought that I would relate some personal experience regarding Critical Illness Cover as most of the views from Martin and other Money Savers are negative.
I took out a CIC policy about 10 years ago. I was 24 at the time and thought that in the next 25 years I was unlikely to need it, but it was not much more that my endowment policy and so I went ahead and covered myself.
10 years on and I was fit and healthy, married with my wife 7 months pregnant and working as a freelance IT consultant. That was until in december when I had a stroke. I lost all control of my left arm, had difficulty walking and my speech became monotonous and slurry. Fortunately 2 months later I was 90% recovered, but even now I occaisionally have some lack of control of my left fingers and slight speech difficulty. It is nothing that would stop me working so I cannot claim on my PHI policy, but I know it is there and lack the confidence to go out to interviews and work full time in a demanding job.
Fortunately though my CIC policy has paid out, enough to cover my remaining mortgage. This has removed the stress of returning to work until I am full recovered and I could work in something less demanding. However for the time being I can enjoy my 6 month old daughter, which has to be the bast recuperation available.
So is CIC worth it? For me, yes and I would recommend it if you can afford the little extra. However I know that I have been very lucky that my condition was covered, that it was cheap when I took it out and I have been able to afford it.
I took out a CIC policy about 10 years ago. I was 24 at the time and thought that in the next 25 years I was unlikely to need it, but it was not much more that my endowment policy and so I went ahead and covered myself.
10 years on and I was fit and healthy, married with my wife 7 months pregnant and working as a freelance IT consultant. That was until in december when I had a stroke. I lost all control of my left arm, had difficulty walking and my speech became monotonous and slurry. Fortunately 2 months later I was 90% recovered, but even now I occaisionally have some lack of control of my left fingers and slight speech difficulty. It is nothing that would stop me working so I cannot claim on my PHI policy, but I know it is there and lack the confidence to go out to interviews and work full time in a demanding job.
Fortunately though my CIC policy has paid out, enough to cover my remaining mortgage. This has removed the stress of returning to work until I am full recovered and I could work in something less demanding. However for the time being I can enjoy my 6 month old daughter, which has to be the bast recuperation available.
So is CIC worth it? For me, yes and I would recommend it if you can afford the little extra. However I know that I have been very lucky that my condition was covered, that it was cheap when I took it out and I have been able to afford it.
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However I know that I have been very lucky that my condition was covered, that it was cheap when I took it out and I have been able to afford it.
You will note that lucky was in quotes, lucky it wasn't worse and lucky the insurance has covered it but certainly not lucky to have a stroke at such a young age. Best wishes for your full and speedy recovery.0 -
Thanks Ian,
I absolutely agree with you there are often fine lines regarding whether a CIC policy will pay out. However they are generally designed as effectively an advanced death payment and priced as that.
I have been very very lucky, it could have all been much worse, lucky that I am young and fit and can make a pretty full recovery and very lucky that my particular condition was positive enough to be covered. I know that CIC fails some people at the worst of times by not paying out, however I paid the little extra and it was worth it for me. Everyone needs to make their own decision, I just wanted to balance out some of the negative comments I have seen.0
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