to consider critical illness and life assurance before trying for baby no.2?

[SuiGeneris]

This is probably more a "what would you do/am I being overanxious/cautious" but would be interested in views, please.

DS1 is 14 months. The pregnancy was high risk and the birth complicated. Had to have a transfusion and was ill for a while afterwards. At one stage during delivery it was thought (not by medical professionals) that I might not make it. Nothing that happened was serious enough to trigger a critical illness insurance claim, had I been insured then (which I was not).

Now we are thinking of no. 2 and I definitely want to have life assurance in place, so that, should the worse happen while no. 2 is on the way, DH and DC would have no financial worries. What I am wondering is whether it is worth having critical illness cover too. If the premium for life assurance is x, adding critical illness makes it 5x, so the cost is considerable.

It seems a lot and I am now thinking perhaps it is not worth it. Also, at the moment I work part-time and we manage reasonably well, so even if I was unable to work family finances would not change dramatically. On the other hand, if I was unable to work AND needed full-time help things would be a bit more interesting. Not bread-line interesting, but it would limit the choices we currently have, especially re education.

What do other people do? AIBU/unduly gloomy to think of death and disability when planning/hoping for DC2? Or simply realistic/pragmatic?

Look at the terms and conditions of critical illness cover - there are big exceptions and we thought it not worth getting. You could just put the money that you would have paid on the insurance into an ISA and then you will have an emergency sum if you need it.

We have life cover to cover the cost of the mortgage - I do think that is necessary.

You are being very sensible.
I wish that (before being diagnosed with cancer after my son was born) that I had paid the extra few quid for mortgage cover, life insurance, etc.
On top of everything else we have big financial problems now too.

The DH has critical illness cover and life insurance cover. I had life insurance and the endowment on the mortgage was mine. I also had (have) pensions that would be payable in the event of ill health early retirement. We have scaled down our life insurance now because the children are teenagers and the mortgage is paid.

It sounds a good idea but you would need to check very carefully about whether it covers any pre-existing conditions if you've had problems before.

We have always had life insurance and critical illness - even before DC's.

I couldn't imagine not having it and even if you decide against having another child, I would still seriously consider taking it out as you already have a responsibility to your DS.

make sure you check the t&c.

You just don't know what is around the corner.