Consumers make life insurance a priority

Tue, 22 Jan 2008

Despite studies to the contrary last year, it appears that British people would be happy to give up luxuries such as mobile phones and Television licences before giving up their payment protection insurance and life insurance policies .

Financial services group Prudential found that with households facing financial turmoil, most would rather be secure (with their insurance policies) than keep their luxury items.

71 per cent of Brits would shed their TV subscriptions, whilst 47 per cent would lose their mobile phones before their life insurance . Sammy Rubin, the CEO of PruProtect, was reported as commenting: "With financial markets undergoing a period of uncertainty, many people may be feeling less secure with their budgets and may have to face the difficult decision of stripping down their monthly outgoings. Life insurance-related policies such as income protection can be a vital lifeline, supplying funds to cover day to day costs such as mortgage or debt repayments, or if someone finds themselves in unexpected financial difficulties, such as being unable to work due to illness or injury ."
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