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23 Nov 2024
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Brits cut back on 'unnecessary' cover to protect vital policies

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Uunnecessary cover to protect vital policies

British consumers are cutting back on protection products that they deem "unnecessary" such as mobile phone or home appliances insurance in favour of more essential cover, new research shows.

Research from comparison site moneysupermarket.com shows that in a bid to make savings, Brits are becoming sensible and cutting back on the aforementioned products in order to avoid doing away with cover such as motor and home insurance.

These types of cover income protection insurance, critical illness and unemployment policies are deemed vital in the current economic situation.

"It is great to see that Brits have wised up to the perils of cancelling important insurance policies," commented Steve Sweeney, insurance expert at moneysupermarket.com.

Thanks to recent falls in premiums, it is now easy for consumers to get cheaper life insurance and those wishing to do so can get even lower premiums by using price comparison sites.

According to Neil Faulkner, writing on lovemoney.com, prices have been declining over the last few years and are now at their lowest level in seven years.

However, the prices will not remain low forever, he warned, urging people to lock in the low rates now by getting new deals or reviewing their policies.

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Brits cut back on 'unnecessary' cover to protect vital policies