Do you have critical illness cover

u0362565

Hi all,

I've recently just got my first mortgage and i'm being asked about what kind of protection i require. I feel i don't really need life insurance as my pension would cover the mortgage if i die. The pension also pays out for in capacitance or permanent ill health. However, i don't think i have any fallback if i'm seriously ill for a prolonged period. My sick pay is good and would cover me for a year but if it were longer than that then i won't be paid and my pension won't pay out if they think i will be better at some point and its not in capacitance. So this brings me on to critical illness cover which seems to fit the gap i have. I was wondering if many people have critical illness cover? The insurer is very specific about what is covered and there's a lot on there but i'm just not sure if i should get it or not. I don't have any medical issues or conditions either.

Thanks for any advice.

dunstonh

The pension also pays out for in capacitance or permanent ill health.

Full salary for life or based on your years of service accrued to date?

So this brings me on to critical illness cover which seems to fit the gap i have.

Critical illness cover is not the product that fits your need. You may well have a financial need for CIC but your description fits permanent health insurance (PHI) rather than CIC.

I was wondering if many people have critical illness cover?

Millions of people.

The insurer is very specific about what is covered and there's a lot on there but i'm just not sure if i should get it or not.

it pays out on a list of specified critical illnesses. Some providers cover the minimum ABI standard whilst others go far beyond it.

However, the best form of income protection is PHI. That is where you should be looking.

u0362565

Thanks dunstonh it does sound like income protection is what I'm looking for if anything.

jamesd

Permanent ill health is likely to be the sort of permanent health insurance that would pay out for your normal working life if you were unable to work, including due to a long period of ill health.

Before you buy anything, find out just when and what the permanent ill health policy will pay out for. Same for the incapacity cover. It seems quite likely that you already have all of the extra insurance that you need so long as you stay with your current employer.

One thing to check is whether the permanent ill health (that I'll assume is PHI) will pay out if you can't do any job or if you can't do your own job. own job cover is more valuable and more expensive because there are many medical conditions that can prevent someone from doing many types of normal job that won't bar them from doing all jobs.