Giving up your insurance could be costly

As the cost-of-living squeeze starts to bite, many are looking to make savings on their monthly budget. Experts are warning families to think twice, however, before scaling back on essential protection.

Cutting back

The number of protection policies held by UK households has fallen by 8%1 year-on-year, research suggests. Worse yet, two in five people2 are now considering cancelling their life insurance policy in the near future.

A protection policy is an investment in your financial future – and the financial futures of your loved ones. Relinquishing this cover could be very costly.

Safety net

Life insurance pays out as a one-off payment to support your dependents, ensuring they will not face hardship once you are no longer here to support them. Income protection, meanwhile, exists to support you financially if you are unable to work due to illness or injury.

A hasty cancellation could end up costing you more should you later decide to take out a new policy. Premiums are determined by age and health so the longer you wait, the more you will probably end up paying.

Here to help

There are ways to bring down costs without cancelling your policy. Talk to us to see if your cover still matches your needs.

As with all insurance policies, conditions and exclusions will apply
1iPipeline, 2022, 2NerdWallet, 2022

10 September, 2022

More news

27 November, 2023

A new study* has highlighted that almost two thirds (64%) of mortgage applicants in the UK have stru
With product withdrawals, altering rates and a fast-moving market, there’s no wonder this backdrop, prompted by the ‘mini-Budget’ last Autumn, has caused high levels of stress for mortgage appli

21 November, 2023

It’s no secret that many mortgage holders have had a tough year. Soaring interest rates, on top of
Repossession is a last resort  If you’re worried about your mortgage payments, lenders can help with a payment plan to get you back on your feet. In the first three months of this year, only 750 ho

9 November, 2023

One of the financial responsibilities of homeownership is to protect yourself and your family. Life
Life insurance provides a safety net. A payout can pay off the remaining mortgage balance, ensuring that your loved ones can stay in their home without the burden of mortgage payments  Knowing that