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My wife and I are public servants with great group disablity insurance and we already have enough life insurance.

I have been considering purchasing critical illness insurance since we are in our late thirties and can get a pretty good deal right now

Any thoughts?

Thanks
 

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I like CI insurance because you get it while you're still alive! Needless to say the odds of getting one of the covered illnesses and surviving is pretty good (expecially cancer, heart attack, stroke). Just be sure to look carefully at the definitions as different companies have different payout conditions and plan structures.

There is also a "return of premium" rider which will give all your premiums back in the event that you do not use the insurance. This means that the only real cost of this insurance is the opportunity cost of the premiums.

I have 100k coverage and It's going to cost me 32k until I am 65(paid up at 65). If I get sick and live, bam 100k. If I make 75 with no claims, I get the 32k back. If I die in my sleep when I'm 40...I guess I won't care that I'm out the amount of the premium :)
 
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