Critical Illness Cover

[Andy H86]

With our first child on the way in September my wife and I have decided to look into getting a joint life and critical illness policy should the worst happen. I already have a Life Insurance policy that covers the mortgage (on a decreasing term but is currently worth more than the outstanding mortgage due to overpayments).

I have been to my current provider, Legal and General via my building society, but due to a preexisting medical condition they have refused to provide me with the Critical Illness element but will cover my wife.

Does anyone have any experience if other insurers are more likely to accept me or are they all likely to take the same stance of only providing Life Insurance?

Thanks in advance

[pmanson]

Mine is with Scottish widows.

I have a couple of exclusions (related to muscular dystrophy as my brother has this) but everything is covered.

It's about £80 p/MTH for circa £400k of cover (with life insurance) on a dimenshing basis

[dalenorth]

You need a specialist broker...........and it just happens that we’re a specialist broker.

Drop me a pm and we will help you out.

[Insurancejon]

^^^^^^^^what he says
I use dale for my stuff and he’s worked wonders (fat lad who smokes). He’s helped a lot of my clients too

[Craigybaby69]

Depends what your preexisting medical condition is....

[richatnort]

We got ours through friends for life who got taken over by legal and general and got it when we took out out mortgage. My partners mum has MS so they wouldn't cover her for that but did for everything else.

[dalenorth]

Friends Life (Aviva) was a top of the range policy back in the day, but critical illness policies have moved on so much since then. It might be worth reviewing it.

Providers see family history of MS very differently so she might now be able to get cover. Scottish Widows are good with MS for certain age ranges.

[richatnort]

dalenorth said:

Friends Life (Aviva) was a top of the range policy back in the day, but critical illness policies have moved on so much since then. It might be worth reviewing it.

Providers see family history of MS very differently so she might now be able to get cover. Scottish Widows are good with MS for certain age ranges.

Ahhh good to know. Can you change life insurance and critical illness cover easily? Would my premium not go up or anything?

[ollie05]

I've got the same prob, as I've got Crohn's disease.

[ellroy]

richatnort said:

Ahhh good to know. Can you change life insurance and critical illness cover easily? Would my premium not go up or anything?

You can easily enough cancel the old one, usually nothing back mind, and then instate a new policy. However, be wary. For example some old policies covered prostate cancer, fairly common disease, but newer ones may not due to the advances in medicine in that area. So always check what you’re covered for before making a change.

[benbuhagiar]

You are best speaking to an IFA or a specialist in this area.

I'm an IFA myself and I would recommend 2 x single policies, as opposed to a joint policy. .

[dalenorth]

Every case is different, premiums might reduce or go up, it depends on many factors. Its worth reviewing every two years to ensure you’re in an informed position.

2 x single polices are advisable for some people and it can mean that one of you is left with cover if the other claims, but it’s really down to personal circumstances.

If anyone needs a review pm me, we don’t charge any fees?

[WhiskyDisco]

I have £250k of cover with Aviva. Taken aged 40, running for 30 years. Level cover.

Costs £113 a month.

Bought commission free from https://www.money-minder.com/

[dalenorth]

Crohns can be possible on critical illness, it depends on severity and meds etc. They will also exclude ulcerative colitis etc.

[ollie05]

dalenorth said:

Crohns can be possible on critical illness, it depends on severity and meds etc. They will also exclude ulcerative colitis etc.

Do you have a website I can get a quote on?

[dalenorth]

Sure www.pureprotect.co.uk

Or just give us a call 0345 3197070 as it might be easier for you if we record all th the medical info?

[richatnort]

WhiskyDisco said:

I have £250k of cover with Aviva. Taken aged 40, running for 30 years. Level cover.

Costs £113 a month.

Bought commission free from https://www.money-minder.com/

wow took mine our at 26 with £230k cover and 25k critical illness cover in two separate names for £24 for both

[rossub]

richatnort said:

WhiskyDisco said:

I have £250k of cover with Aviva. Taken aged 40, running for 30 years. Level cover.

Costs £113 a month.

Bought commission free from https://www.money-minder.com/

wow took mine our at 26 with £230k cover and 25k critical illness cover in two separate names for £24 for both

Must be the fact it runs until 70 years old? The odds of dying from 65 onwards must increase exponentially....

[Oakey]

rossub said:

richatnort said:

WhiskyDisco said:

I have £250k of cover with Aviva. Taken aged 40, running for 30 years. Level cover.

Costs £113 a month.

Bought commission free from https://www.money-minder.com/

wow took mine our at 26 with £230k cover and 25k critical illness cover in two separate names for £24 for both

Must be the fact it runs until 70 years old? The odds of dying from 65 onwards must increase exponentially....

I'm with Legal and General, £200k policy and £20k critical illness and it's about £22 a month. I did a quote with Aviva running until I was about 75 for £1million and that was only just around £110 a month. £113 a month seems expensive for £250k unless I'm missing something?

As an aside, has anyone else set up a trust for their policy?

[pincher]

Yep, just setting up a trust for my CIC at the moment.