How much critical illness cover do you need?

havingaball74

Hello,
I currently have a critical illness policy that more than covers my mortgage balance (3x). It includes life insurance. I am not sure how much the life insurance pay out would be.
I can also get ill health retirement /death in service as part of my pension.
Is it worth reducing the amount I am covering therefore reducing my monthly payments ( which are increasing in line with inflation)? I have enough savings to be mortgage free, so is it worth paying such a large sum monthly? Thanks.

Weighty1

Imagine you have a heart attack. There's a good chance you may only be off work for 2-3 months. In that instance you could well argue that you are over-insured against what is needed.

Now imagine you suffer a stroke and never recover to the degree were you can work again, plus need to adapt your home with accessible bathrooms, kitchens, wider doorways potentially and even maybe an ongoing need for some home help with cooking/cleaning etc. In that instance even the cover you have may not be enough.

Personally, if you can afford the premiums and paying them doesn't affect your standard of living I'd say keep the cover, but that's just me.