Insurance.Do Not Cut It To The Bone
Cutting down on your personal cover often seems ideal when trying to lower costs, however many of these products are used to cover you in times of need.
A survey, undertaken for AEIS, 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 CEO of Amex Insurance Services, says that it is concerning when consumers reduce the cover of the very insurance that ensure their financial stability.
Tony Solomon, agrees with this opinion, saying you must 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 were to die, or fall seriously ill, then cancelling your policy could leave your family with bankrupt, 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 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, 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 be able to afford the vet bills. 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 insurance or health insurance.
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