Don’t get caught out
Cutting down on your personal insurance cover is often the easy option when trying to lower outgoings, however many types of cover are designed to protect you in times of need.
A review, carried out on behalf of The Daily Mail, indicates that many of us are planning to cancel insurance policies to save money. 27 per cent of the consumers surveyed, planned to reduce their medical insurance and 17% were considering canceling pet insurance.
The chairman of Morethan, says that it is a worrying development when consumers cut back on the very products that offer protection during hard times.
Tony Solomon, concurs with this view, saying you must think twice before cancelling, because loss of cover may have a damaging affect on their family and themselves in the years to come. life insurance cover and critical illness insurance are both too important to sacrifice. If the worst happened and you died, or fall terminally ill, then cancelling your insurance could leave your family with without hope, he says.
Your insurer maybe able to help if you cannot afford your premiums so give them a call
The BIBA, says that people do not appreciate the overall value of their possessions and the cost of replacing them, if they are stolen or damaged. He advises everyone to take out home insurance, but to look at the different levels of cover, as they may not need every single item covered. For example, contents insurance costs about 149 pounds a year on average, you can reduce this by 25% by canceling the extra options.
Pet cover may appear to be unnecessary, but without cover you may struggle to be able to afford the vet bills. So which policies are you safe to cancel? Referring to medical insurance, Solomon says that many people are fortunate enough to receive health insurance as part of their employment package. However, you must protect your families finances. Therefore, it would be advisable to choose CIIC, which pays out a lump sum, rather than mortgage cover or medical insurance.
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