Brits cancelling insurance cover as they cut back on spending

Fri, 17 Oct 2008

As the cost of living stretches household budgets, around half of Britons have cancelled either an insurance policy or their pension contributions, according to uSwitch.

There are 19 million people in Britain who are potentially sacrificing their financial security in order to save money . Car breakdown cover and private dental or private health insurance, along with life insurance are the financial products most likely to be sacrificed in order to reduce monthly outgoings.

Ashton Berkhauer, insurance expert at uSwitch.com. said that with the current economic turmoil, it was not a surprise to find that consumers were looking for ways to cut their spending.

However he warned: "There's a big difference between cutting down on luxuries or your weekly shop and cutting out on life insurance or pension savings. The potential impact on you or your family finances if you get it wrong could be huge and long lasting, so it's important to go into it with your eyes wide open."
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