[Finance] Critical illness cover

[Happy Exile]

Both myself and Mrs Exile have employers that have good protected income if we get seriously ill, and “death in service” payments that would mean the other would be financially secure for the remainder of the mortgage term and beyond…

As a result, we’ve not got separate critical illness or life insurance cover, and I’m wondering if that’s not sensible so thought I’d ask the wise folks here. It looks like you can’t get critical illness on its own, only with life over, and the quotes are high given our age I assume, (50 and 53), and outstanding mortgage balance. As an aside, I have three good friends and a colleague currently recovering from cancer operations, all expected to survive, and I’m also thinking should that happen to me a lump sum from cover may be useful if I can’t return back to work as before?

Thanks in advance

 

[AmexRuislip]

Both myself and Mrs Exile have employers that have good protected income if we get seriously ill, and “death in service” payments that would mean the other would be financially secure for the remainder of the mortgage term and beyond…

As a result, we’ve not got separate critical illness or life insurance cover, and I’m wondering if that’s not sensible so thought I’d ask the wise folks here. It looks like you can’t get critical illness on its own, only with life over, and the quotes are high given our age I assume, (50 and 53), and outstanding mortgage balance. As an aside, I have three good friends and a colleague currently recovering from cancer operations, all expected to survive, and I’m also thinking should that happen to me a lump sum from cover may be useful if I can’t return back to work as before?

Thanks in advance

We had life insurance critical illness cover which ran alongside our mortgage.
As we paid our mortgage off early, we thought about cancelling the insurance, thinking do we really need it.
A wise old bird at the Nationwide suggested we keep paying up to the original mortgage payment date.
As it wasn't that much we decided to do so.

Cut a long story short.
Two weeks before it was due to cease, I was diagnosed with prostate cancer.
Made a claim and payment was made within two weeks.
No brainer

 

[Uncle Spielberg]

Happy to help as I arrange cic for my clients

 

[Weststander]

As kind of related matter. If life assurance and critical health covers premiums are affordable, I’d advise maintaining existing policies for their entire term. When I went freelance I lost 4x death in service cover from my old employer. To take out similar cover at age 48 would’ve been unaffordable. Thankfully I stayed alive and well .

Imho young adults should take out sizable term life assurance, whilst healthy with no medical issues, as the premiums are dirt cheap. Covering their life ahead of hopefully home ownership and having dependents.

 

[Birdie Boy]

Both myself and Mrs Exile have employers that have good protected income if we get seriously ill, and “death in service” payments that would mean the other would be financially secure for the remainder of the mortgage term and beyond…

As a result, we’ve not got separate critical illness or life insurance cover, and I’m wondering if that’s not sensible so thought I’d ask the wise folks here. It looks like you can’t get critical illness on its own, only with life over, and the quotes are high given our age I assume, (50 and 53), and outstanding mortgage balance. As an aside, I have three good friends and a colleague currently recovering from cancer operations, all expected to survive, and I’m also thinking should that happen to me a lump sum from cover may be useful if I can’t return back to work as before?

Thanks in advance

Slightly confused.com. if you already have life and illness cover with your companies, why need another? I get having a separate mortgage cover if the company one doesn't cover it. Would 2 companies pay out?

I have critical illness and life cover but the wife couldn't get it. I'm in between jobs so no other cover.

Interested to know why you need two or am I miss reading something?

 

[Happy Exile]

Slightly confused.com. if you already have life and illness cover with your companies, why need another? I get having a separate mortgage cover if the company one doesn't cover it. Would 2 companies pay out?

I have critical illness and life cover but the wife couldn't get it. I'm in between jobs so no other cover.

Interested to know why you need two or am I miss reading something?

Ideally I’d just like critical illness but it seems life cover is needed alongside it (I’m happy with the life cover equivalence we get through death in service benefit at work) . The idea of two covers for illness is that both of us have good cover at work to cover salaries for 6 months minimum if seriously ill - in practice for both of us it’d be longer - but if for example either of us couldn’t go back to work full time after treatment the lump sum from critical illness cover would help cover income shortfall.

 

[Birdie Boy]

The company I'm with have been texting me to change my policy and get a cheaper one, I've been out of the country the last 2 years so not sorted it out but will next week when I'm back. I think I've been paying £40pm for years but I'm sure it is linked to the mortgage which is getting lower as I've been paying extra off. I definitely need to look into it though.

 

[Happy Exile]

Thanks all for the replies and advice, I appreciate it. @Uncle Spielberg I’ll drop you a line, thank you