Research shows that a rising number of people are cancelling their protection insurance policies as the cost-of-living crisis continues to bite.
According to research by Consumer Intelligence1, 8.2% of people have cancelled or reduced an insurance policy and 6.8% said they would consider cutting back in the future.
Not the answer
It is understandable that households struggling with basic expenses would look to cut costs wherever possible. However, cutting back on protection insurance could make an already difficult situation much worse.
It won’t happen to me…
There is a tendency to think that bad things only happen to other people, but the fact is that you never know what is around the corner. Protecting yourself financially is one of the best ways to minimise your vulnerability to financial shocks.
Sadly, being too sick to work is not as rare as you might think. According to the Office for National Statistics (ONS)2, the number of working-age people who can’t work due to long-term sickness is now 2.5 million.
You’re not alone
If you’re looking to cut costs and don’t know where to start, we’re here to help by identifying areas where you may be able to economise – without sacrificing your vital protection cover.
As with all insurance policies, conditions and exclusions will apply.
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
1 Consumer Intelligence, 2023
2 ONS, 2023