To ask how many have life insurance for both of you and critical illness cover?

[missslc]

Okay so I have never had life insurance but suddenly think we should have it as our son is 15 months. I was ill a month back and was concerned it was going to be something serious. My first thought was if the worst came to the worst my DH would be in a real pickle as he could not afford to pay child care....so am now looking into getting it.

I think it is a no brainer but am trying to decide what coverage to get and whether a 21 year term is enough? I guess that means that in 21 years time we stop paying and stop being covered and hope we will never need the coverage?

Just wondering if the critical illness is worth having- fairly small lump sum (36K) for about 28 quid a month. The life insurance is about the same for modest but wage like monthly pay outs to both of us, in the event of one of us trotting off this mortal coil before we would prefer.

Any advice from people who have it in terms of the length of term worth having? I know kind of silly question but you know what I mean.

Yes to both for him, and I have life insurance for me. No critical illness for me, though I have BUPA so the health care part would be covered, and I dont work but we could afford a live in nanny if I were to be taken seriously ill or something, should we need to. I too thought there were too many clauses - rather not pay in the meantime on the basis that we could afford to cover it in the unlikely, and unfortunate event that we ever had to.

Have lots of both and had a £100k payout on critical illness so it has definitely been worth having. I was very sceptical when we took the policy out but dh insisted.

My parents never had any insurance on anything incl their house and when my dad died I took out a buildings policy for mum - just had a burst pipe and £30k worth of drying out and reburbishment. Would have been in a mess without insurance.

Also had a horse die when i was younger and would have had a £5k vets and transport bill if we hadn't had insurance.

Lesson: plan for the worst if you can.

Life yes
CIC / mortgage payment / IP no

DH and I had both. Critical illness cover paid out when he fell ill and paid off the mortgage. Insurance paid out when he died. It meant I didn't have to worry about finances at such a difficult time so I am very thankful we did it. I still have life cover for myself and also an insurance policy that would pay out if I became ill. Not exactly critical illness but more something to pay for a nanny/cleaner etc if I was too ill to look after the DSs and the house.

we have joint PHI for the life of the mortgage, and is worth more than the outstanding mortgage

we each have death in service benefit alongside our pensions which includes an ongoing salary element if we can't work due to ill health

we don't have critical illness cover - don't think it's worth it and wouldn't get it now anyway