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5 Aug 2020

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Recession forces one in ten to drop life insurance

The recession is continuing to hit many areas of people's finances and has resulted in a number of people in the UK opting out of insurance contracts, according to new data from the Association of British Insurer (ABI).

Due to the harsh economic climate, more than one in ten (13 per cent) people in the UK have chosen not to go on covering themselves with life insurance by canceling their contracts.

According to the insurance body, consumers are looking for all ways of saving money in light of the tight financial situation and are dropping anything they deem unnecessary.

However, Stephen Haddrill, the ABI's director general, has urged consumers against opting out of life insurance saying such a move should only be a last resort.

He said: "In these uncertain times, insurance provides a vital financial safety net to steer individuals and families through the recession, as well as helping to provide long-term security."

Consumers are also cutting back on other types of cover such as home contents cover, which has either been cancelled or not renewed by 22 per cent of people during the past 12 months.

However, the latest figures from Swiss Re show that demand for income protection insurance increased last year.

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Recession forces one in ten to drop life insurance- Life Insurance Advice