Serious Illness Cover and Life Insurance?

[lbraiden]

I have a serious illness cover policy with life insurance with Cornmarket. The life insurance element is 300k, and the serious illness cover is 69k with life insurance reduced by 69k if have to claim for serious illness cover. The policy runs for another 7 years when I will be 60. It costs 108.00 per month. I don't need the life insurance element of if it as I already have a life insurance policy for 300k with Bank of Ireland which lasts until 2033 - my children who are LC and 1st Year College will be all done and dusted for by then. I also have salary protection with Cornmarket as I work in Public Sector. I don't have a mortgage and have an investment property. I don't want the extra life insurance element in the Cornmarket policy as it will cause inheritance tax liabilities, but if I change it and have serious illness cover only it is 71.00 per month on it's own. It's such a small amount of serious illness cover, is it worth having/paying for? Would really appreciate some views on this.

 

[Coldwarrior]

I don't have the answer to your specific question, and forgive me for being a bit grim, but I'd probably hold on to the life insurance for another few months at least until this coronavirus crisis plays out.

 

[Mrs Vimes]

I don't want the extra life insurance element in the Cornmarket policy as it will cause inheritance tax liabilities,

If you are worried about inheritance tax liabilities you could leave the proceeds to me in your will and I promise not to complain about the CAT