Britons cancelling life insurance cover

Tue, 09 Jun 2009

According to recent life insurance news, some one in ten people are cancelling their life insurance cover due to the economic climate. The Association of British Insurers released figures showing that consumers are failing to renew, or cancelling a range of insurance products with the aim of saving money .

The ABI indicated that 13 per cent fewer people in the UK have life insurance cover than before the recession started. The cuts are also affecting other sectors, including home building and contents insurance . Furthermore, the cancellations extend to Scotland, where figures are even more extreme.

The director general of the ABI, Stephen Haddrill, was cited in the news as commenting: "In 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. Ditching insurance or reducing your cover must only be a last resort."
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