Is it a good idea to get Critical Illness Cover (CIC)?

Is it a good idea to get Critical Illness Cover (CIC)?

Ray Boulger (Mortgage Advisor) gives expert video advice on: What illnesses are covered by Critical Illness Cover (CIC)? and more...

The basic pro for Critical Illness Cover is that in the event that you suffer a serious illness which could well stop you working for a considerable time or perhaps indefinitely, you receive a lump sum which enables the mortgage to be paid off, and therefore takes a significant financial worry off you and your family. The main con really is that there's a monthly cost to be involved. The key question is to consider whether you feel that monthly cost is justified in relation to the risk. But, if you have a family to think about, then I think it's really important that you at least have either permanent health insurance, which will pay out directly monthly amount to enable you to pay the mortgage or Critical Illness Insurance so that either way if you have a serious illness you are covered.