Insurance is important

Cutting down on your insurance seams ideal when trying to cut outgoings, however many types of cover are used to cover you in times of need.

A customer survey, done by AEIS, shows that many of us will cancel insurance to reduce costs. 27 per cent of the consumers surveyed, planned to reduce their health insurance and 17% were considering reduceing pet insurance.

The managing director of AIS, says that it is concerning when consumers cancel the very insurance that protect them.
Tony Solomon, confirms this view, saying people should think twice before cancelling, because loss of cover may have a damaging affect on their family and themselves in the years to come. life cover and critical life insurance are both too important to sacrifice. If the worst happened and you died, or fall terminally ill, then cancelling your insurance could leave your family with bankrupt, he says.

If you cannot afford your premiums you must talk to you insurer.

The British Insurance Brokers Association, says that people do not appreciate the process and cost 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 all your possessions 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 cover 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 medical insurance, Solomon says that many people have medical insurance with their employment. 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 health insurance.

 

 

Category: Uncategorized