W
Why? You risk has presumably increased in the meantime.Sounds like a complete con to me.
So ditch the CI cover?I am pretty well covered on life insurance, I have disability cover with the job, and I can't see any point in continuing with this policy.
Don't cut off your nose to spite your face
Because self inflicted illnesses and injuries are specifically excluded from such policies.
Brendan
It will probably cost more than your original policy. It may or may not cost more than CL's revised premium. You may need a medical for new cover elsewhere. Shop around if you feel that you need continuing CI cover.Thanks all for your feedback. I think that you may be correct in saying that a new CI policy would cost more, so perhaps I am being unfair to Canada Life.
The insured person will never draw the lifecover ,it will go to next of kin.But the insured person will draw the critical illness in a tax free lump sum and may recover to live a reasonably normal life.I personally know five different people who claimed CI lump sum and more than survived to fight another day i.e. back to work and some with mortgages cleared off and a nest egg to boot.When I went looking for critical illness I noticed that most of the illnesses allowable would probably kill you within 3 or 4 years and straight life at €15 per €100,000 was a better bet.
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