Critical illness cover - new policy after a claim?

beardybikeboy

Hi all. Hope everyone is well.

I am in the fortunate position of having made a critical illness claim but still being the right side of the daisies 5 years later. My condition *will* return at some point, might be 2 years, might be 20. We paid off a huge chunk of our mortgage with the original claim so it's a huge weight off our shoulders, but if I am around for another 20 (ie into my 60s), there is obviously a chance that other bad stuff may come along. Yes the mortgage is mostly paid off, and I have another 10 years or so on a life policy which will see all my kids to a minimum of age 20, and would pay off the mortgage with probably 100K left over, but I wonder if anybody has any experience of getting a second CI policy after a payout? I understand that they may have exclusions (ie will not cover anything related to the original, ie won't cover cancer but will cover a stroke, say) but I do feel that more protection whilst the kids are still - well, kids - might be a good idea, what if some other nasty comes along and means I'm unable to work but not claim the life policy?

The alternative of course is saving, which I am just about in the process of getting started on having paid off our non-mortgage debts.

Thoughts/experiences much appreciated! thanks x

strawb_shortcake

We claimed on ours following my Husband's HA, over 4 years on he can't get any CI or life cover and that was going through a broker. 

It was suggested we try again at the 5 year point, but as he doesn't work and I expect it'll be expensive I don't think we'll bother again

dunstonh

 but I wonder if anybody has any experience of getting a second CI policy after a payout? 

It largely depends on time passed and if the condition is going to return or not.

The alternative of course is saving, which I am just about in the process of getting started on having paid off our non-mortgage debts.

Rather than saving, the pension tax wrapper would likely be the better option there (savings in moderation but pension is better).

beardybikeboy

annabanana82 said:

We claimed on ours following my Husband's HA, over 4 years on he can't get any CI or life cover and that was going through a broker. 

It was suggested we try again at the 5 year point, but as he doesn't work and I expect it'll be expensive I don't think we'll bother again

Thanks & sorry to hear that. I'm being quoted £500 a month for a new life policy and thought that'd be far better going into savings!

beardybikeboy

dunstonh said:

 but I wonder if anybody has any experience of getting a second CI policy after a payout? 

It largely depends on time passed and if the condition is going to return or not.

The alternative of course is saving, which I am just about in the process of getting started on having paid off our non-mortgage debts.

Rather than saving, the pension tax wrapper would likely be the better option there (savings in moderation but pension is better).

Thanks. Pension contributions are pretty good (32% combined employer/employee) and I'm unlikely to get to an age where I could retire - I'm looking for something which could help us out if I'm still around but unable to work in the future. Obviously if it all goes wrong there's a good pension pot and the life insurance for them.

Weighty1

beardybikeboy said:

annabanana82 said:

We claimed on ours following my Husband's HA, over 4 years on he can't get any CI or life cover and that was going through a broker. 

It was suggested we try again at the 5 year point, but as he doesn't work and I expect it'll be expensive I don't think we'll bother again

Thanks & sorry to hear that. I'm being quoted £500 a month for a new life policy and thought that'd be far better going into savings!

It won't be better going into savings if you develop a new critical illness in the next 1-2 years......

Cancer is about the only critical illness that can be claim for and still leave people in a position that they *may* be able to get more critical illness cover down the line, albeit pretty much always with a full cancer exclusion.

Based on the premium you mention it is likely that you are still being rated on a "per mille" basis for the life insurance element of cover.  These ratings typically go down every year or 2 (or 3) depending on the type of cancer you were daignosed with and it's staging so even if it's not affordable now it may well be in a few years time.