Critical illness and life insurance cover


Hi all,

I have existing CIC with life insurance. The life insurance was added because my broker said it was cheaper to do so at the time. I don’t really need the life insurance as I get a death in service payment with my job and, although I live with my partner, we don’t have children.

I’ve read that the CIC cover should be enough to cover 3 x annual income + any debt. Is this right? Is that gross or net income? I’m trying to see whether I can reduce the cover in any way as it is becoming increasingly expensive.

My insurance increases with inflation but I have been advised to change it so that the payments stay the same and does not increase in line with inflation. Does this make sense or should it be a decreasing term as my mortgage balance reduces?

I have around 15 years left until retirement and have an emergency fund/cash savings/ISA investments.

Thank you for any advice.


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