How much is critical illness?

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I’m a single parent age 48, with one DS age 8. I work full-time, have a largish mortgage and a very small pension. Some savings, but not much - around 5k.

I’m very aware that if I get ill, or can’t work, I’m pretty stuffed, but I don’t really know what I need. Life insurance, probably, and some sort of cover in case I can’t work.

I’m planning to see an IFA, but can anyone wiser than me run me quickly through the main options? And maybe an idea of cost (although obvs this depends on a huge number of factors)

Thanks

I paid £35pm for £60k cover. Recently had to claim on it so worth very penny!

Should also say it was also life cover but I also have a separate life only policy

Check what conditions they will cover. I paid into a critical illness policy for 35 years. I developed a rare, progressive, debilitating condition and yad to stop work.
It wasn't on their approved list so it was a complete waste of money.

I have a life insurance policy (two actually) and one includes critical illness cover. It's only £10K but still almost £6 a month. As a SAHM we'll have no income loss in the event of me becoming ill but if I did work then I would happily pay more and have the peace of mind a large policy amount would bring. See what policies you can get on comparison sites. Financial advisors may not always get you the best cover and best price.

We have 30k critical illness cover and life insurance that pays the mortgage if one of us dies, all one policy. £30 a month. Our financial advisor finds us a suitable policy every time we change our mortgage. I have never had a mortgage without life insurance. I thought they just went hand in hand.

@endofthelinefinally makes a good point. Your illness lost needs to be large and one that covers general issues. Mine doesn't just specify all illnesses and conditions but things like "loss of feeling or use in arm or arms, Loss of X% of sight, obstructed breathing... etc.

Thanks everyone. Useful info. I didn’t know you could get critical illness rolled in with life insurance cover. Is there any benefit to having it in one, does anyone know? I really don’t know about this stuff

I pay £60 a month that covers everything except mental illness. I took it out as I get very little sick pay at work and would need it if I had to have a hysterectomy or knee replacement.

Make sure you know what you will get from work in terms of sick pay and your pension. If you get decent sick pay, you can have a longer wait period for paying out in the event of illness etc, which should make it cheaper.

Also see what your pension would pay out if you ended up being medically retired.

Costs vary so much due to factors such as age, conditions included, payout values, medical history, etc etc.

For a full guide, try moneysavingexpert.

www.moneysavingexpert.com/insurance/cheap-life-insurance/

And don't forget, it's an IFAs job to sell you as much as possible, so don't think you have to take everything they recommend, or the cover levels they suggest. No point skinting yourself now, for the small chance of making a very well off sick person.

Also be aware the terms available on line are not as comprehensive as through an IFA. Also remember income protection covers if you can't work through any illness. Critical illness covers for a specified list of illness. If it isn't on the list or classed as critical you can't claim.

Stories in the press about people who can't claim often are because of non disclosure or their condition is not "critical"

Get some advice before you sign up for anything

Many employers only us the government scheme

www.gov.uk/statutory-sick-pay