Critical Illness cover - do I need it?

[SuperBunny]

Am about to take on a new mortgage and know they will try to get me to take all sorts of insurance. I will take Life insurance (not necessarily with the bank) but should I also have critical illness? The quotes change from 12 per month for life to 80 if it includes critical illness, which is an awful lot. However, I am a single parent with a 4 yr old & I don't know what to do.

As an IFA it comes down to affordability to me. if you cannot afford it then do not have it. You can take a smaller amount of Critical illness cover, say £30k so that if you do suffer an illness you will have a bit of breathing space. You should shop around for life assurance. Why not call a few IFA's over the phone tell them your situation and ask what they would recommend to you. They can tell you over the phone.
You could consider Permanent Health Insurance. That is cheaper and pays out an income instead of a lump sum.
But like I said figure out what you can afford and go from there. (Tell your budget to the IFA's too)
By the way, sort out a will so you know who you are passing your estate onto if you die. Who do you want look after your child were you to die? Whatvage do you want then to have access to the money etc.

Whatvage? I mean what age

Check what the critical illness cover covers(?). there are a lot of illnesse that dh and I have ssen in itu that are not covered by these policies.

Hence we dont have one.

I didn't think of taking out critical illness for less than my life insurance. That's a good idea, thanks.

I definitely need to do a will. Once I definitely have the house, I will do it. It is top priority.

I was surprised that so many illnesses are not covered and I don't know how good companies are at paying out anyway.

Thanks for the help. Was sitting here pondering and needed someone else's thoughts so thank you.

The IFA's will be able to send to a Key Features brochure that will list the illnesses covered. Try to stick to the main companies that you have heard of like Scottish Provident, Legal and General, Friends Provident and so on.

Brilliant, thank you