DP and I have just bought a new house together and we're setting up life insurance to cover the mortgage and living expenses in the event of one of us dying. When we went to chat about it with our insurance broker, he also suggested getting critical illness cover, which would also pay off the mortgage if one of us had a severe illness (ranging from going deaf, getting a benign brain tumour to stroke or terminal cancer).
We were considering it seriously, but it raises the premiums significantly - from £35 or so to about £170 pm. We're 40 and 37 - would we be unreasonable to put this off until our DS is out of nursery and we've finished paying off a small unsecured loan (another three years)? Or are we being silly? We could afford it, but it would make things a bit tighter for the next few years. Does anyone have this kind of insurance, is it worth it?
We're going to get income protection in case of sickness as well, but that's not too expensive, especially as we have quite generous sick pay packages from work.
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AIBU to think about critical illness insurance
23 replies
StarlingMurmuration · 25/01/2016 13:11
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