Critter Off – Deterrent

Do not cut your insurance down

Cutting down on your personal cover often seems ideal when trying to cut outgoings, however many policies are intended to cover you in times of need.

A survey, carried out on behalf of The Telegaraph, indicates that many of us intend to cancel insurance to save money. 27 per cent of the consumers surveyed, planned to reduce their medical insurance and 17% were considering canceling pet insurance.

The chairman of AIS, says that it is concerning when consumers reduce the cover of the very products that offer protection during hard times.
Tony Solomon, concurs with this view, saying it is dangerous to cancel you insurance, because loss of cover may adversely effect their family and themselves in the years to come. life insurance cover and critical illness are both too important to sacrifice. If the worst happened and you died, or fall seriously ill, then cancelling your cover could leave your family with without hope, he says.

Your insurer maybe able to help if you cannot afford your premiums so give them a call

The British Insurance Brokers Association, says that people do not appreciate what is 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, you can reduce this by 25% by canceling the extra options.

Pet insurance may appear to be unnecessary, but without cover you may struggle to cover the vet bills. So which policies are you safe to cancel? Referring to health insurance, Solomon says that many people have medical insurance with their employment. However, you must protect your families finances. Therefore, it would be advisable to choose Critical illness, which pays out a lump sum, rather than mortgage life insurance or private medical treatment cover.