Life Insurance News
Life insurance vital in current economic climate
Life insurance may look like an unnecessary expenditure in the current economic climate but now more than ever is it important for consumers to think about it, it has been reported.
In an article in myfinances.co.uk, Daniel Barnes makes the case for considering protection by highlighting the fact that consumers can opt for cheaper types of cover instead of cutting it altogether.
Canceling cover is "a drastic move" that consumers need to critically think about before going ahead, according to Matt Morris, senior policy adviser at broker LifeSearch.
Advising against cancelling a life insurance policy, the expert is quoted by the publication as saying "you are leaving yourself vulnerable as there will be no payout if something happens".
The view is shared by Aviva's chief underwriter Michael Whyte, who said consumers need to take a broader and long-term view because a snap decision now may end up being costly in future if a person's life changes.
Consumers considering cutting their costs should therefore shop around for a better deal that may see them pay lower premiums but still be protected against any eventuality.
The experts' views were made in the wake of recent research from the Association of British Insurers showing that over the last year 13 per cent of people have cancelled their life insurance due to the harsh economic conditions.
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