- December 2, 2023
- Posted by: legaleseblogger
- Category: Related News
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Considering Purchasing Life Insurance and Critical Illness Cover
I have been contemplating the idea of getting life insurance since I bought my house last year. As a 32-year-old single homeowner with a mortgage value of 180k and no dependents, I have been weighing the pros and cons of purchasing life insurance along with critical illness cover. With over 30k in savings, I am unsure of what the best option would be for my situation.
I recently looked into quotes for life insurance and found that it would cost me about ┬ú10 a month. However, when I considered adding critical illness cover of 50k, the cost increased to about ┬ú25 a month. I’m now unsure whether it would be more beneficial to only purchase the life insurance or to add on critical illness cover for an extra ┬ú15 a month just in case.
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In short, yes. Both have different merits & a recent meaninfulmoney podcast highlights why – https://podcasts.apple.com/gb/podcast/the-meaningful-money-personal-finance-podcast/id581790263?i=1000634850028
Have a listen.
Life insurance is fine but long term income protection is better than critical illness cover. Critical illness only covers a limited amount of diseases and has high premiums. Long term protection has lower premiums and you can get lifetime policies if you go through a human broker.
Ex broker. I’d normally advise singles take life policies that paid out for a death prediction so you could benefit from a payout and sort your affairs. Even had clients get given 6 months to live, get a payout for life and then get cured.
The CI cover is more fitting for a single than just life but you need a policy that fits your age/profile. We used to use critical illness expert to get the best policy for a client as the cover between them is astoundingly different.
Who are you hoping would benefit from a prospective life insurance payout?
For me an my partner we pay £65 a month for critical illness and life insurance combined, for the full term of our mortgage.
ItÔÇÖs definitely worth it as should one of us become terminally ill the insurance will cover the bill.
But as you have no dependents the only people that would benefit would be brothers/sisters or parents
Critical illness is definitely a good one to have assuming they are covering you for a reasonable amount.
But this really only applies if you donÔÇÖt trust your employer to look after you should you become severely ill/injured.
Critical illness, yes! Absolutely wish IÔÇÖd have taken this out. It protects you if the worst happens.
Life insurance, perhaps, provided you have someone in mind to benefit.
Insurance policies are most commonly used by those who have dependents. The idea being that if you died you want to mitigate against the risk of them losing their home/no longer benefiting from your income (not to suggest that you solely exist as a money making machine!). In your case, if you were to die the most likely scenario would be your mother/sibling would sell your house and any money left after the sale would be part of your estate and distributed according to your Will. Assuming they are not financially dependent on you and do not reside in your house they do not need anything more (although I understand money is always nice to receive).
The risks that you might want to think about instead of mitigating are you getting sick/being unable to work either for an extended period or for the rest of your life. In your case I would think either income protection or critical illness (or both) would be more appropriate than life insurance as they will help you keep your house even if you are unable to work. But I would suggest you talk to an independent broker eg from unbiased.co.uk