Careful cancelling life insurance

Thu, 05 Feb 2009

A life insurance company has warned existing life insurance policyholders of the dangers of cancelling their insurance policy . With saving money a priority for many consumers at the moments, many insurance policies are going by the wayside.

PruProtect point out that cancelling a current life insurance policy and replacing it in several years could cost thousands in additional premiums. Furthermore, future premiums could be loaded to reflect the change in circumstances.

PruProtect specialist Kevin Carr reportedly commented: "The danger in these uncertain times is that you may either postpone buying the insurance you need, or even consider cancelling what you already have. Protecting the financial wellbeing of your family is vitally important, particularly in times of economic uncertainty. The long-term cost of cancelling a policy could end up costing you thousands of pounds. Not only will you not be insured but also if anything happens to your health you may not be able to replace the cover you have lost."
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