Critical Illness cover with Life INsurance

tasmart

Hi

We're shopping around for new decreasing level mortgage life insurance and the prices differ hugely if you opt to NOT take critical illness cover.

What do people think about the need for this? Is it worth the extra £20.00 or so which it adds the the monthly premium?

Thanks

T

dunstonh

What do people think about the need for this?

Does it matter what other people think?

Is it worth the extra £20.00 or so which it adds the the monthly premium?

Around 1 in 6 will have a claimable event prior to retirement. That compares to around 1 in 5 for life cover so the stats certainly have it as something to consider. It has a very high success rate on claims (contary to popular belief). Far higher than mortgage payment protection. Yet you see many take that out and not CI.

Personally, I would prioritise PHI above critical illness or a bit of a combination but it really depends on what you are looking for from your protection needs.

doomed_2

Some companys put critical illness cover in free with life insurance.

dunstonh

doomed wrote: »

Some companys put critical illness cover in free with life insurance.

No they dont.

You are mixing up terminal illness cover which is usually given free nowadays. Critical illness cover is something different.

Quite a lot of people make that mistake and I wonder how many of those that have gone DIY have taken out life with terminal illness cover thinking they have life with critical illness cover?

cally1978

Was recently discussing this as a friend of mine has breast cancer, not terminal but cannot work through her illness which is a huge financial strain, she wishes she had taken critical illness cover or similar and then another friend pointed out that if one in three of us will have cancer at some point in our lives.............got me thinking about changing my own cover to include some kind of critical illness cover..