Is life and critical illness cover worth it?

[Crossfitgirl]

My DH and I are moving to a bigger house with a bigger mortgage, neither of us would be able to afford it without the other, so we have been given some quotes on life insurance, critical illness and income protection cover.

I wondered what other people's thoughts and experiences are with it? Is it worth it? Does it give you peace of mind? Have you claimed on it?

Neither of us would be able to afford the mortgage on our own, so I think the life insurance is worth it to pay off the mortgage in any unfortunate event, but the critical illness cover is expensive (about £55 between us, on top of life and income protection).

Its basically a lump sum if you get an illness, disability etc or can't work. It would mean if one of us couldn't work for whatever reason, we wouldn't need to worry about selling the house... But it's veeery expensive!

Interested to hear what other people do?

planet Did they give you the option to have cheaper cover for conditions that your pre-existing conditions don't make you more likely to have? Is it something like diabetes? The problem is that it makes you more likely to have so many other conditions.

Great idea to self-insure though.

I lost my husband very suddenly last September, he was 51. We had life cover which paid off our mortgage thank god I don't know what I would have done otherwise.

You really don't know what's round the corner so I wouldn't skimp on life insurance

Yes, you need it.

We just moved house - hence increased our borrowing. It was a bit of a faff going through all the questions again (even with the same company) but it's worth it to be able to pay off the mortgage if anything should happen.