Cutting down on your personal cover seams ideal when trying to cut outgoings, however many policies are intended to cover you in times of need.
A customer, done by American Express Insurance Services, indicates that many of us intend to cancel insurance to save money. 27 per cent of the consumers surveyed, planned to reduce their medical insurance and 17% were considering canceling pet insurance.
The CEO of Amex Insurance Services, says that it is concerning when consumers cut back on the very policies that ensure their financial stability.
Tony Solomon, agrees with this view, saying do not cancel you policies, because loss of cover may adversely effect their family and themselves in the years to come. term life insurance 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 nothing, he says.
You are advised to talk to your insurer if you are having difficulty paying your monthly premiums, as they may be able to arrange a tempoary reduction in the amount of cover.
The British Insurance Brokers Association, 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 buildings and contents insurance cover, but to look at the different levels of cover, as they may not need all your possessions covered. For example, contents insurance costs about 149 pounds a year on average, but you should be able to save 25% by cancelling accidental damage and personal possessions cover.
Pet insurance may appear to be unnecessary, but without cover you may struggle to pay an expensive vets bill in an emergency. So which policies are you safe to cancel? Referring to medical insurance, Solomon says that many people get free health insurance from their employers. However, protection of your family is important. Therefore, it would be advisable to choose Critical illness, which pays out a lump sum, rather than mortgage life assurance or medical insurance.
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