Barclays critical illness cover

[Eljohnno]

Been considering looking for an alternative for a few weeks , this morning I get details informing me that they want to increase my monthly payments from �43 to �71 to keep my level of cover at �72,000 or I can reduce the level to �43,000.
I've had the policy for 10 Yrs for a 22 yr term - if I cash in I get �630.
Do I take the money and look for an alternative ?

[buildersmate]

What you appear to have from your description is life assurance with critical illness cover. This forks out the sum assured in the event of death - enough to pay off the mortgage but it also forks out if you are diagnosed with a specific set of critical illnesses.
Since life rates are normally fixed for the duration of the term, it must be the critical insurance element which is suddenly whacking up the premium.
I would question why you need it (the critical illness element) at all.

[kinell]

critical illness cover casn be handy,

my mate was told six weeks ago that he needed to have a quadruple bypass operation striaght away,

he has been apying into a policy for about 10 years and bypass surgery is a qualifier for payout,

much better than cancer i would say,

now on the mend but a bit sore and expecting to be back at work in two months time....................

�175 thousand better off.

happy days!

[buildersmate]

Precisely my point. How many premiums have to be sold to assist the above to be paid �175k. Rather a lot, costing rather a lot each policy. That's why it is relatively expensive (compared to straight life cover).
Don't get me wrong - I'm not saying the above is not deserving - you pays your premium, you expects the paid-out if the worst happens.