I am trying not to get my head in a spin, but I am totally confussed about life/CI/income insurances..... see I told you it was a dull thread!
DH is self employed and so has income protection in case of any illness making him unable to work - to me this is vital and more inportant than a CI policy.
We both have a large life insurance policy.
I have inservice death policy thing and 6 month full pay sickness than 1/2 pay for a year.
We also have a cancer policy which pays out 50k if us or the children get cancer - early stage included.
But should I also get CI just for me?? DH is sorted with income protection but I worry I need something. DH thinks we are really tight on funds (we are) and we have enough cover. AIBU to think that actually I dont? If I had a serious injury that meant I could no longer work I would only to ok financially for a year. If I got cancer, the policy would mean we could pay the mortage for a year - then what?
AIBU to get more insurance and if not, what would you go for CI or income protection??
I assume CI is critical illness? Are you both on the mortgage, and have you checked if you have critical illness via any policy associated with it?
You've mentioned death in service and sick pay, what is your company redundancy policy and how long have you worked there? If you have decent service and redundancy terms, then income protection may not be such an issue.
If there is one policy covering the two of you for life and your DH for income, it might be worth getting a quote on adding CI or income protection for you, it might not be that much difference in the premium. I'd check how long it would pay out for though.
If you had a long-term health condition, would you be eligble for ill-health retirement? Do you know what your employer's policy is? (I'm assuming local authority?)
The other thing that occurs to me is that you mention a cancer cover policy - it might be worth getting quotes on replacing that with critical illness cover. Although I don't know if there would be exit penalties etc.
Thanks so much for your thoughts. I think i'll get the quote for adding CI just for me. The cancer policy is under £30 a month for 2 adults and 2 children. I like it because it is any cancer and I worry that some CI policies wont always pay out for Cancers in early stages and yet that can have such an effect on your finances. How much extra do you think it will be to add CI just for me?
Not sure how much it would be sorry, but if you are already with them I wouldn't expect it to be too high. Re the cancer policy, I hadn't realised that about early stages.
I suppose you are weighing up the odds - eg whether you are at risk of critical illnesses other than cancer, if so whether there are exclusions on the policy. Also is the 6 months full and 6 months half pay set in stone or whether they sometimes pay for longer.