To ask what income protection/critical illness cover is the norm?

[NameChanged25]

We have 2 x Joint Life Cover (level term to age 65) for quite a high value, but will only cover death.
we also have income protection and life cover through employers but wouldn’t be covered if we were made redundant/fired as incapable if working.

so I think we need something else in the event that say one of us became too unwell to work for a long period of time….critical illness or income protection or both?! I need to get quotes but just wondering what the norm is. What level of cover do you have?

Forgot to add - 2 primary age kids, both work full time in professional roles, high mortgage and bills (but can be covered on a single salary if needed).

Critical illness cover was so expensive when we looked at it, we couldn't afford to cover it to the same level as our life cover. However, we have a policy for a smaller amount, enough to cover joint expenses for one year. Our thinking being, that this would be enough to tide us over while we downsized our lives if circumstances changed.

Definitely go for Invome Protection rather than Critical Illness as it’s not so specific as to what it will and wont cover. It’s not too expensive if you’ve had no serious health problems yet.

Check what level of sick pay you would get from your employer and also consider your savings and if/how long these can be drawn on, especially if you can cover mortgage and bills on one salary. In other words, can you 'self insure'?

We had a critical illness policy as part of our mortgage and we got a lump sum payment when my husband was diagnosed with terminal cancer. He was still able to work but as I'd given up work to be his carer, it helped towards the bills.

We only realised later that we could have claimed a few years previously, as it wasn't DH's first cancer diagnosis, but fortunately the insurance company paid back all the premiums we'd paid in between first diagnosis and eventual claim, which topped up the payout.

I’ve always opted for 6 months net earnings in savings. Which earns money each month vs a premium going out.

Speak to your mortgage adviser.

I personally have £50k critical illness and so does DH. That is about half our mortgage. The whole amount was too expensive.

Thanks all - will speak to an advisor (our mortgage term is not up for renewal at the moment ) but always get the feeling they are paid to sell/arrange the products so whether the advice is always impartial. I’m thinking it might be too expensive to be worth it as we are both over 40 now….maybe saving is the way to go.