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to ask about your life insurance policy

34 replies

minnie465 · 11/12/2019 21:53

Have been putting off getting life insurance for months now.
DH and I are early 30s. I have Crohn's disease. Assuming this will increase the premium.
How much is your cover for? How much does it cost monthly?
Do you have critical illness cover?
I work for NHS so I'll get full pay for 6 months and half pay for 6 months in the event that I do become unwell.

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AsiSett · 12/12/2019 10:14

@Cremebrule I was 32 with an 18 month old when I got diagnosed with MS.

My friend was 35.

Another friend with a 7yo and a 5yo has just been diagnosed with breast cancer at 38.

Honestly it's not worth taking the chance.

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Cremebrule · 12/12/2019 10:16

AsiSett They must have been frightening for you. You just don’t expect it at that sort of age.

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AsiSett · 12/12/2019 10:27

Well it definitely wasn't in the plan that's for sure. Luckily I was able to have HSCT so it's stopped. My friend that got critical illness cover now has the money to pay for HSCT, so fingers crossed it will stop for them too.

Seriously, most people get diagnosed in their 30's.

I luckily got my standard life insurance in my 20's. I wouldn't get it now.
When your in your 20's and even 30's you think you're invincible and that it'll never happen. I never thought about critical illness cover. Just thought yay I'm saving money. Like I said, I learnt the hard way.

If anyone can learn from what happened to me then brilliant.

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riddles26 · 12/12/2019 10:29

Like Cremebrule, we have only insured ourselves against dying young to date as DH's previous employer gave good critical illness cover for him and me as part of his package. We set our life insurance to pay off the entire mortgage plus leave enough for surviving partner to live on for 3yrs without needing to work as our biggest fear is also dying young with children needing lots of support.

Now he has moved employer, we are about to reassess and add on critical illness

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AsiSett · 12/12/2019 10:31

Wise move @riddles26 Get it added as soon as you can.

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minnie465 · 12/12/2019 10:50

Some policies are offering 20 or 30 year policies. Is it a bad idea to go for a time limited policy??

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minnie465 · 12/12/2019 10:51

Thank you all very much for your responses. Has really made me think and get on the ball today.

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addictedtotheflats · 12/12/2019 10:57

£36 a month, decreasing mortgage cover, critical illness and income protection. I also work for the NHS so income protection comes into place after 6 months. Im early 30's with very minor health issues

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riddles26 · 12/12/2019 11:23

We have a time limited policy, currently it is for same duration as mortgage - rationale being that it is needed when mortgage and other outgoings (childcare etc) are highest. The aim is that we will have lower mortgage and outgoings as time goes on plus more in savings so less likely to need such a big payout if the worst were to happen.

We will speak to financial advisor when we get critical illness soon to ask their opinion though. We are probably going to change main policy as cost of new one is same as it was 6 years ago when we got it and we are currently insured with Vitality who offered fantastic benefits with Vitality Plus that are now useless. (NB we didn't buy the policy for the benefits and can just remove the 'Plus' aspect if another option isnt as good as what we currently have)

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