Life assurance/critical illness

LGARRATT24

Just trying to gauge the cost of our cover, it’s a dual cover (obviously only pays out for the one of us but covers us both) it covers the cost of our mortgage for either death or critical illness, covers critical illness for children up to 25,000, and disability cover. 

Is this expensive? Good value? I have 0 idea! 

ButterCheese

LGARRATT24 said:

Just trying to gauge the cost of our cover, it’s a dual cover (obviously only pays out for the one of us but covers us both) it covers the cost of our mortgage for either death or critical illness, covers critical illness for children up to 25,000, and disability cover. 

Is this expensive? Good value? I have 0 idea! 

Can't tell if you don't say how much you're paying!

dunstonh

age, health, term, type of CIC (budget, mid range or comprehensive) on top of the things you have mentioned are important considerations on pricing along with decreasing, level or increasing premiums/sum assured.

DullGreyGuy

LGARRATT24 said:

Just trying to gauge the cost of our cover, it’s a dual cover (obviously only pays out for the one of us but covers us both) it covers the cost of our mortgage for either death or critical illness, covers critical illness for children up to 25,000, and disability cover. 

Is this expensive? Good value? I have 0 idea! 

If the higher earner was to die tomorrow and so the mortgage was paid off would the remaining spouse be earning enough to maintain the current lifestyle with only their income up to retirement? Just having the mortgage covered would often leave you under insured. 

Clearly you haven't provided any details like both your medical histories, ages, lifestyle factors etc for anyone to say what a decent price would be nor have you said what you are paying for anyone to be able to compare. 

Ultimately do two things...

1) Confirm you need cover... sounds like not only do you need it but you may need more than you have 

2) Contact a broker to get a new business quote for the same level of cover you have and compare that to the premiums you are currently paying... it may be your price is high but if new business quotes are even higher does it matter as your only choice then is to have no insurance