I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that... |
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Insurance is always a gamble and generally weighted against you. I too looked at critical illness cover and decided to risk it as it was stupidly expensive. I do have a fixed term life policy that pays out if diagnosed with a terminal illness - wonder if I can claim after all life is terminal  |
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By *usie pTV/TS 5 weeks ago
taunton |
You can be fairly sure the insurance company is going to collect more in than they ever pay out, I would not expect a back injury to be covered by critical illness even if it feels critical when you have it, it is for things like heart attack cancer etc. |
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By *lan157Man 5 weeks ago
a village near Haywards Heath in East Sussex |
Be careful of any policy that pays out if you are unable to work because if the cover does not cover everything you pay for then how do you pay ? You are driven back to doing something you can manage and in which case some policies will cease to pay out. Not saying it's wrong just be careful. |
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By *abioMan 4 weeks ago
Newcastle and Gateshead |
"I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that..."
I felt exactly the same way….. until I had pneumonia, which was further compounded by fluid in the lungs … 3 weeks in hospital, 4 months total off work…. Probably about 9 months to get all the way back
I think it’s one of those where I was lucky and because I come from a medical family ( but I’m not the medical one) they were the ones to shoot a million questions.. also good to find a really patient IFA who will take you through absolutely everything |
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"Sound more like you need an income protection policy to plug the gap of having no sick pay.
I was going to suggest the same."
Yeah unfortunately I have a few pre existing medical conditions that will probably mean cover is ridiculously expensive. |
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By *6ilMan 3 weeks ago
Milnthorpe |
I had critical illness cover and needed it, in my experience they where awful at paying up, tried very hard to get out of paying up (predisclosed and accepted details then became reasons not to pay up). I had to do my own research and have a very helpful GP.
So briefly yes it's worth having but expect a fight.
Disclaimer - this was my experience, maybe it's all changed. |
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"I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that..."
Critical illness on a life policy won’t pay for a back injury , they only pay if you are given months to live. But you can get employment protection policies that do. I |
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"I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that..."
A colleague at work took out critical illness cover... a year or so later his wife was diagnosed with cancer... sadly she passed away but the payout from the insurance was enough to pay off their mortgage... |
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"I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that..."
If it didn't pay out, then you weren't covered.
The terms are clearly outlined in the initial documents.
Back injury is not a critical illness, and it is definitely not a replacement for sick pay.
Best thing you can do is take proper professional advice from a qualified financial adviser. |
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It's worth looking at income protection rather than just critical illness if you don't get sick pay.
Income protection will cover you for many more reasons why you can't work which aren't covered under the other.
As with all kinds of insurance if you don't need it, it's a waste of money, but if you do... |
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"I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that..."
Back pain isn't a critical illness so I'd suggest reading policies and understanding terminology. You need what's called income protection coverage not critical illness. |
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By *ularliWoman 2 weeks ago
Worcester |
"I'll put this in here rather than lounge.
So just in the process of getting a new life insurance policy.
But adding critical illness is expensive and not sure if it's worth it BUT I don't get sick pay at work so a long term illness could prove costly.
I had a policy many years ago and when I tried to claim because of a back injury they wouldn't pay out.
Once bitten twice shy and all that..."
I know people that have been diagnosed with cancer and been able to get a payout from critical illness.
Not a terminal diagnosis either.
I wish I had had it when I had mine but at 34 I didn’t think I’d get ill.
I still can’t get life insurance for another 2 years.
Although it costs more each month I would go for it.
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OP, consider some independent advice. Insurance isn’t for everyone.
What and who are you trying to provide protection for? What is your age, medical history? What is your family history? What is your financial status?
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