Critical illness cover

W

Wanda

I am not sure if this is the right place to post it but just wanted peoples opinion. Is it worth having? I am very sceptical when it comes to insurance companies and fear that when in time of need they will tell me I am not covered.

It seems to be £50 - £100 a month so would be nice to know whether its worth it?

One had a weird condition that they only payout if it is terminal and you have been in bed for x amount of time, so in the mean time you suffer financially which makes me wonder is it worth it.
 
In a word NO I know so many people who took this out and got nearly nothing when there illness was that bad they couldn't work no more
It's one that only you can decide hope you choose wisely
 
Yes. speaking from personal experience (although the prices you are quoting are crazy)

I'll explain our situation. (it's long but worth reading, so stick with it)

I'm 30 and my wife is 29. We bought our house in July 2010 for £104,000 and paid a £28,500 deposit, we moved in in October 2010. As part of the mortgage deal we took out a death or earlier critical illness insurance policy at a cost of £23 per month (for the pair of us) which offered cover on the outstanding balance of our mortgage.

Fast forward to 9th December 2011, my wife had a stroke aged 28. Hospitalised for 6 weeks, still off work now (she's starting back in November). In January I decided to read our insurance documents to see if we were covered, thankfully we were. I put in a claim and 2 months later it was accepted (no problems AT ALL) A nice BACS transfer appeared 2 days later for the grand sum of £77,516 which was the total amount outstanding on our mortgage.

Without this money we would have started to struggle in a few months time. She will be returning to work in a few weeks, but due to ongoing issues (She can't use her right hand, and she can only walk short distances) she will only be going back part time.

Of course we would rather it hadn't happened in the first place, however it has, so the insurance payout has helped us become mortgage free, and hopefully if her recovery continues as well as it has been in a few years everything will be back to normal and we will be in a great position financially for the rest of our lives.

Moral of the story........ GET COVERED!
 
Chrisgti6 said:
Yes. speaking from personal experience (although the prices you are quoting are crazy)

I'll explain our situation. (it's long but worth reading, so stick with it)

I'm 30 and my wife is 29. We bought our house in July 2010 for £104,000 and paid a £28,500 deposit, we moved in in October 2010. As part of the mortgage deal we took out a death or earlier critical illness insurance policy at a cost of £23 per month (for the pair of us) which offered cover on the outstanding balance of our mortgage.

Fast forward to 9th December 2011, my wife had a stroke aged 28. Hospitalised for 6 weeks, still off work now (she's starting back in November). In January I decided to read our insurance documents to see if we were covered, thankfully we were. I put in a claim and 2 months later it was accepted (no problems AT ALL) A nice BACS transfer appeared 2 days later for the grand sum of £77,516 which was the total amount outstanding on our mortgage.

Without this money we would have started to struggle in a few months time. She will be returning to work in a few weeks, but due to ongoing issues (She can't use her right hand, and she can only walk short distances) she will only be going back part time.

Of course we would rather it hadn't happened in the first place, however it has, so the insurance payout has helped us become mortgage free, and hopefully if her recovery continues as well as it has been in a few years everything will be back to normal and we will be in a great position financially for the rest of our lives.

Moral of the story........ GET COVERED!
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Sorry to hear that about your wife. Hope she recovers soon.

Funny enough my wife and I were the same age in 2009 when we got our place we got an income protection plan that would pay 80% of my salary for 12 months should I loose my job.

A few months later I lost my job and then discovered that because of the wording of the letter when I lost my job they didn't want to know. The feeling of disappointment was incredible which is why I tend not to trust any of them.

Luckily I started my own company that has kept me going, which is why I feel a bit more weary about insurance being self employed.
 
£20.37 per month with Aviva.

This is a life insurance policy but if I'm diagnosed with a terminal illness then they'll pay out still.

If I snuff it then Caroline gets £50,000. For another £10 or so per month that figure can be increased further.

Something else to look into is Income Insurance. However, it's not cheap and depending on what you earn it might not actually cover your full wages. The highest cover I could get was for £1250 per month, which is less than my wages and they wanted around £45 per month for the pleasure of it. That also included critical illness payouts too. I didn't bother with it because it didn't cover my earnings fully and because it's something that will rise year on year as well and I didn't think it was value for money as I get decent sickpay where I work anyway...
 
i've income and life insurance with 3 kids to look after i take comfort in knowing that if anything happened they would be ok, it funny though i never bothered till a couple of years ago when i turned 40 then i did the lot
 
You really, really need to look into small print.

We were going to take it out but due to the wife's dad having a heart attack they wouldn't cover her for anything to do with that, wife's mum has MS so anything to do with nervous system wasn't covered, she has a history of moles so cancer wasn't covered.

You get the picture, oh and they only wanted 96 a month!

Look at your pension at see what cover that gives you. If I die in service the wife gets 300+k lump sum and half my pension.
 
Mentalpen said:
You really, really need to look into small print.

We were going to take it out but due to the wife's dad having a heart attack they wouldn't cover her for anything to do with that, wife's mum has MS so anything to do with nervous system wasn't covered, she has a history of moles so cancer wasn't covered.

You get the picture, oh and they only wanted 96 a month!

Look at your pension at see what cover that gives you. If I die in service the wife gets 300+k lump sum and half my pension.
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Pension, whats that?

I am self employed, and dont trust people with my pension, I rather put money aside into an isa and then invest it myself.

Note to others I already have life and building plus content insurance, I am going for private health care soon as I saw how they treated my father in law.

Its just the critical illness that makes me think is it worth it, so far from the sounds of things it is but make sure its covered therefore become a lawyer with a magnified glass and read the terms and conditions.
 
Lucky your self employed and can cream it off.

Unfortunately I'm not and have to save over a long time.

Cant retire till I'm 55 as i haven't put enough away but luckily I'm well over half way there.
 
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