Do you have critical illness insurance and how much does it cost you?

[joanofarchitrave]

I've been thinking about this, probably as I work with people who have developed illnesses that prevent them working. I'm the breadwinner in the house, there's DH who is a SAHD and one ds. We have a fair bit of life insurance for me so they should be just about OK if I cark it, but I'm 45 now and I do worry more about illness stopping me earning. I've always felt that critical illness insurance is very expensive and lots of exclusions, but maybe it's a good idea?

Oh God, I suppose when I post this I will get lots of insurance adverts all over my screen for weeks.

I have CI attached to my life insurance - it was a couple of £ extra a month, think it took my premium up to £11 instead of £9.30 a month. I went with Aviva as it covered more illnesses than the other policies I looked at.

Mines is £35 a month.

We pay about £50 for DH and I combined.

Its a very good idea. You never know whats round the corner. We didn't have it when my dh was diagnosed with cancer. Its ok at the moment because I earn enough to keep everything going. But I would certainly get that cover in place if I had my time again.

Ours is £20 a month just for DH. I was refused cover due to my medical history.

Please consider 'income protection insurance'. If you have a critical illness, you'll be covered by your CCI, but if you are knocked down by a bus (God forbid) and need to be off work, and therefore loose your salary, your income protection insurance will kick in. CCI covers just a few diagnoses, IPI covers any potential loss of earnings.

Dh and I always had CI insurance, then in our wisdom stopped when finances were stretched.
Last year Dh had a stroke and had to take time off work. Had we carried on the insurance, it may have paid a good chunk of our mortgage off.
I now have CI cover again, about £20 a month. Dh can't get insurance now because of his history.

If anyone is unsure about getting it, please, please do it! Hopefully you'll never need it, but it may make a huge difference.
Dh and I regret the day we stupidly stopped it.

Check any ci policy carefully. After 20 years, they can suddenly start ramping up the monthly payment or start reducing the amount to pay out

Look at serious illness rather than critical illness cover, it's slightly more expensive but pays out for more conditions and you can claim more than once on them. If you need anymore advice please pm me and I'll explain.

Check also it covers ability to do your job or any job, some do not pay out if you could do something, even if significantly worse paid than current job

Just had a look at sickness and accident quote. To get £2,000 a month benefit to be unable to do my own job and get the money until 65 would cost me c£100 a month, with the premium increasing each year.

I'd recommend looking at income protection .
I did need it and LV did pay me a monthly percentage of loss of earnings.
Certainly worth doing before time goes on

No, but like the others, when went into business on my own I took out PHI which covered me if unable to do my own job, up to normal retirement age. Being fit enough to be a one-armed roadside newspaper-seller or an immobile artists model is no use to me.

The premiums are lower if you opt for a longer waiting period of being unfit before payments start, so I took a 3-month wait policy and a 6-month wait one.

As it happens I called on it when I had a very severe accident, not a disease.

Critical illness might cover you for 99 diseases. Tough luck if you get disease no. 100.