Advice please savvy mumsnetters - which insurances do I REALLY need?

[andwhatnow]

Ok, this is my current situation - I have a house with a mortgage and am divorced with a 14 year old. I am a deputy headteacher. I moved last year and took out life insurance, critical illness cover and income protection. I am wondering in hindsight whether what I am paying and what I am paying FOR is the best for me....

I pay life insurance which would pay off my mortgage in my death or due to terminal illness (only about £12 per month) level term.

I pay income protection (£35 per month) which would pay me £1000 per month after 12 months of being incapacitated due to illness or injury.

I pay critical illness cover which would pay me £50000 in event of critical or terminal illness. This is £38 per month. The critical illness also covers my son for certain illnesses.

However, what I am thinking about is whether I really do need to spend nearly £90 a month on them because....
the small print is VERY specific concerning exactly what critical illnesses qualify
If I were to become injured or ill, my job would pay me virtually full pay for nearly a year and,
If I were to die, due to my job, my son would receive an in death service benefit of approx £140000 which would cover the mortgage.

On the other hand, I may not always stay in teaching and if I apply for these insurances in a few years, the premiums would probably be so much more. Help!!!

Meant to say - my son is entirely financially dependent on me. I don't receive any financial support for him.

I get nothing from work and have all the insurances you mention.The critical illness is the one that gets tends to get the "not worth it" vote. I only have mine because it was a very cheap add on to another product. If you think you could manage without it then perhaps you could save the amount in an ISA for you or even better for your son. Your life insurance sounds like it only lasts for the duration of your mortgage. At £12 a month including the terminal illness cover I would keep it. The income protection premium is quite low,so I take it you are a young thing. It would be a lot dearer to take it out when you are older. Check that it will actually pay you if you are getting your teacher's superann. disability pension too.

Most critical illness policies are full of get outs and in my view it's not worth having. Mind you aren't paying much for it (in my view) so may be you can just keep it up. Income protecton I would have the same view. Perhaps stop those two?

Life insurance is usually essential because your mortgage company requires you to have it as a condition of the mortgage so I would keep that up at least as long as the mortgage requires or your child is still at school or university.

OP
You are a deputy head teacher
so you are in the Teachers pension scheme
have you LOOKED at the early retirement and death in service benefits that come with it?

Why on EARTH are you coughing up for dubious extras?

I would be looking very closely your income protection 12 months is very long for it to kick in, mine kicks in at 6 weeks.
Also the wording should be that you are unable to do your own job otherwise they will only pay if you can't do any job.

Whilst your son is dependent age he would get a percentage of your pension too wouldn't he as well as death in service?

If you had a critical illness wouldn't the likely scenario be after full pay ends you'd apply to retire sick (not sure if age dependant) and then have a lump sum to pay off mortgage?

Those premiums would appear very high. Go on one of the comparison sites and look at life insurance with critical illness cover. I found things combined at about £10/ month. I'm 40 and looked at a £100k insurance payout.

Thank you for your replies.

I can see the pros and cons. Even though my death benefits are good, for the sake of £10 a month it would mean my mortgage would be paid. I can see what you mean about c. illness and income protection. I am perhaps over cautious!!