Do I need critical illness cover now

ThinkingOutLoud_2

So I agree with much of what is said.

I wonder if you could revisit why you bought the cover in the first place. So if as may be the case, it was to provide an income if you were not working or perhaps support a child, it sounds like you are no longer needing to work and maybe your children (if any have flown the nest).

So it is time to evaluate your needs now. If you fell seriously ill now, would that bring costs your pension would not cover as inferred already? As your pensions sounds just adequate, this is worth thinking about.

But, maybe you do not need the same level of cover.

Hope this helps.

csgohan4

In an ideal world, if you can afford it, get Critical illness, income protection and whole life insurance.




All that would likely be a good chunk of what you pay your mortgage lender.

jackyann

I can just tell you what we did and why, which may help.
Our main income earner was self employed, so we took out an insurance which acted as life & critical illness cover, and as a savings pot which we cashed in at retirement.

As we are retired, our income is not dependent on our health

Our attitude is that we need to have savings for personal care and the incidental expenses associated with illness. It is better value to do it this way rather than pay out on insurance.

We do not need private health care as we would always choose NHS care and have no-one depending on us (as for instance in the past we would have wanted to choose and be sure of an operation date). Even should you wish to have private health care cover, there is some argument for doing this by saving rather than insurance (you need to do your sums)

Hope that helps