Brits have revealed their sensible side when it comes to cutting back on insurance to save money, according to moneysupermarket.com, and would only cancel what could be considered as unnecessary policies.
Most Brits looking to curb their spending by cutting back on insurance products would not cancel essential policies such as motor and home insurance.
A quarter of the Brits who have it would consider cancelling their Loan Payment Protection Insurance and 6% would cancel Mortgage Payment Protection Insurance. 5% would cancel life insurance and 10% would cancel private medical insurance.12% would also consider cancelling their annual travel insurance policy if it meant saving money.
Steve Sweeney says, "Before cancelling income protection or life insurance it is crucial to assess your current situation and work out what cover you need, especially in the current climate; you don't know what might stop you from working, which could, prevent you from being able to afford costly monthly bills.”
Income protection insurance: News update: 29/07/2009