critical illness cover - worth it?

[Squashybanana]

When i was 30 and had our first child I took out life insurance for £8 a month which pays out £100000 if I should die before age 55.

I am now 45 and have 4 kids, youngest is 5. Historically we are not well off people. However, my husband took a risk a few years ago with a small company which worked out well and we have just paid off our mortgage and have £300k sat in the bank, about to go into investments. He still owns shares currently worth about 2 million, but can't just sell them whenever he feels like it.

Financial advisor is talking about critical illness cover for me (DH won't get it as he has a heart condition). Best quote is £88 a month for a 16 year term (till my youngest is 21) for £150k critical illness cover.

I'm not sure it's worth it. Family history is of good health to late 60s, no history of cancer but heart disease starting in late 60s. This is outside the insured period. I realise there is no guarantee that something won't happen but I feel like the most likely outcome is £17,000 of premiums that I will just lose. Whereas if I put the same £88 a month into investments, for example, I would be very unlikely to walk away with nothing at all at the end of 16 years, and might have grown it enough to buffer the blow if I did have a critical illness. And in any case - if I get ill, the mortgage is still paid off, and we still have our existing investments - and if DH had to leave his job to look after me he would then be able to sell his shareholding and would potentially have millions. Would we need a payout?

Any advice?

That seems incredibly expensive - my DH is almost 40 and for £80k life and critical illness it's £18 a month, and that's with existing medical conditions!

I just sorted ours lately, the life insurance was relatively cheap but critical illness was soooo expensive. I would be very interested to know where a 40 year old got £80k critical illness at that price rockchick. I think with no mortgage and the situation you are in I wouldn't bother squashy

Think it's 2 years since he set it up mashpot it's with Aviva.

I wouldn't bother if you have no mortgage and a decent chunk of cash available.

Do you work? Would your family be in financial hardship if you were unable to work. . It doesn't sound like it. I don't think I'd bother with insurance at all in your circumstances.

"Financial advisor" gets paid for what he sells you. so he'll sell you anything he can

Insurance is bit like putting a bet on. Your saying to an insurance company if I place a £88 Bet on with you that I will become critically ill this month you'll pay out £150000. odds 1700 to 1. do you really want to put a bet on if your going to become Critically ill?

have you ever thought about taking out Volcano Insurance.

For only £10 a month I will insure you for £200,000 against the chance of a volcano erupting under your Bathroom. (Better odds than you getting critically ill)

And the way insurance companies like to wiggling out of paying out I can see Critical Illness insurance becoming the new PPI claim

HI there. gadsbot I do work part time but mostly because I worked bloody hard to get a post graduate qualification in my chosen field, I enjoy it and am good at it. My financial contribution is a very modest 25k a year though.

So it's pretty unanimous that it'd be a waste of £88 a month? I was almost swayed yesterday when he started talking about how the children would be covered too...