Don’t get caught out
Cutting down on your personal insurance cover appears easy when trying to cut outgoings, however many of these products are designed to cover you in times of need.
A customer survey, undertaken for American Express Insurance Services, indicates that many of us will reduce our insurance cover to save money. 27 per cent of the consumers surveyed, planned to reduce their health insurance and 17% were considering canceling pet insurance.
The chairman of AIS, says that it is worrying when consumers cut back on the very insurance that offer protection during hard times.
Tony Solomon, agrees with this opinion, saying people should think twice before cancelling, because loss of cover may adversely effect their family and themselves in the years to come. term life insurance and critical illness cover are both too important to sacrifice. If the worst happened and you died, or fall seriously ill, then cancelling your insurance could leave your family with nowhere to live, he says.
Your insurer maybe able to help if you cannot afford your premiums so give them a call
The British Insurance Brokers Association, says that people do not appreciate what is involved in replacing possessions, if they are stolen. He advises everyone to take out buildings and contents insurance cover, but to look at reducing your cover level, as they may not need every single item covered. For example, contents insurance costs about 149 pounds a year on average, a reduction of 25% maybe possible by cancelling extra options on the policy.
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 health insurance, Solomon says that many people get free health insurance from their employers. However, if this is not the case, it is of the utmost importance that you protect the future of your family financially. Therefore, it would be advisable to choose CIIC, which pays out a lump sum, rather than mortgage life assurance or medical insurance.
Related posts:
- 4 ways to save money on your insurance Never, never just accept a renewal quote from your current...
- Contents Insurance A Necessity Summary: home insurance covers all portable items in your house. ...
- Get a Better Rate on Your Insurance Paying for insurance companies are out to get as much...
- Are You Researching For Term Life Assurance Plan Quotes Online? If you have folks that depend on you, having term...
- Inexpensive health insurance and immediate health insurance rates. What is the point of life if you can not...