A recent study by Consumer Intelligence found that 18% of consumers in the UK are considering cutting back on their life insurance in 2019.
In 2018 14% have had to cancel policies and not replace them.
“Many are turning to friends and family to help, but there may also be a growing number of people taking huge risks by having no insurance at all. In some cases, such as those with cars, they are breaking the law in not having any cover.”
Whilst we know that some life insurance packages can be expensive, cutting back on your life insurance could leave you feeling unsafe and therefore affect your overall quality of life.
The key is know where to cut back on your life insurance policies and how to spread the cost so that you can maintain protection without feeling stretched financially.
There are an increasing number of insurance products on the market that it’s hard to know where to start. That’s where speaking to an expert really helps. An insurance broker knows what’s available and what will be best suited your situation so we would always advice sitting down with someone to discuss your options.