Don’t cancel your insurance to save money

Many people have taken a hit to their income during the pandemic. However, those looking to trim their outgoings should think twice before cancelling their protection cover.

Last year, a survey found that 38% of people had cancelled an insurance plan because they felt it was too costly. However, this could be a false economy.

The unthinkable can happen
The pandemic has shown us that anything could happen to us at any time. If you were to lose your job or be unable to work due to illness, the financial implications could be extremely stressful at an already difficult time.

Reduce your premiums
Rather than cancelling, you could get the best of both worlds by reducing your monthly premiums while still staying covered:
• Insure yourself for the right amount – insuring yourself for more than you need will increase the cost
• Buy the right cover – for example, term life insurance is less expensive than whole of life cover
• Get competitive – different providers offer a wide variety of cover at different price points, so shopping around will help you find a competitive quote.

As with all insurance policies, conditions and exclusions will apply

Photo by Juliane Liebermann on Unsplash

Here to help
Don’t cancel your cover – talk to us and we’ll help you find a solution that keeps you – and your loved ones – protected.

For more information or help with your mortgage please call us on 01483592743 or 07834173731 Alternatively please send us an email at info@themortgagechoice.co.uk