MSE not a fan of critical illness cover - should I or shouldn't I ?

Weighty1

countrycat said:

Seems like vitality are a bit cheaper so i'll have a look at theirs, thanks for comments so far 

Be aware, if the Vitality quotes you are seeing are cheaper than others then it is likely to be their "optimiser" option.  This will increase in cost every year unless you partake in their healthy living programme and upload details to their app of things like step count, dental appointments, read their dietary advice.  Vitality are rarely a cheap option when looking at a fixed, guaranteed premium.

dunstonh

countrycat said:

Seems like vitality are a bit cheaper so i'll have a look at theirs, thanks for comments so far 

Be aware of the limitations and issues of vitality as it is a quirky option.   You have to fit a particular niche for it to be effective and value for money.    Our company rarely uses it because it does not provide the security that a guaranteed premium policy provides.

Sandtree

Like most insurances.... speak to someone who’s made a successful claim and it was a godsend. Speak to someone whos had a major illness that didnt meet one of the definitions under their CI policy and they’ll say its a rip off.

Income protection will pay you if you cannot work, you mention you have 6 months full pay and 6 months half pay but can you survive on half pay? What happens if you are ill for more than 12 months? By setting a 6 month deferment it would notably bring down the premiums.

CI policies are written at a point in time based on medical knowledge at that time. This can cause problem in that a condition may require open chest surgery to qualify but ops are now done by keyhole (never looked at any ombudsman decisions on these things) but it can also mean something that was a major issue is now much less so and you potentially could continue working through and still get an insurance payout.

I personally rank PHI above CI because it will pay if you are too ill to work. CI may pay but it can also give you more choices because its a lump sum for something that you do recover from (if it pays out) and so you may choose to early retire, go part time or otherwise re-priortise life. But it can leave you unable to work and not getting a payout.

csgohan4

I didn't have CI, I though it was too pricey and prohibitive in terms of their T+C to be useful for me. I poured the saved premiums into Income protection and life assurance.