Insurance dropped as families struggle to save cash

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uninsuredTimes are hard for families up and down the country and most of us are looking to save pennies where we can. However, experts have suggested that we shouldn't make our savings by cancelling our insurance policies.

Unbiased said that many Britons are cancelling their insurance policies to save a few quid, but they've urged people to think about the consequences of such a move before going ahead with it.

"Consumers looking to tighten their purse strings are now adding insurance policies to the 'cancellation list', choosing to let go of their financial security in favour of some extra cash in their pockets," said Karen Barrett, CEO of Unbiased.

The call came after the organisation conducted research which found that millions of us are going without life insurance and critical illness cover in order to ease the pressure on our everyday finances.

It found that around a third of Britons are not insured for these and other things including protecting our mortgage payments.

Barrett added: "The 'it won't happen to me' attitude seems to be at the forefront of people's minds as they fail to realise what this may cost them in the future.

"If you are worried that the cost of insurance is too much of a burden on your finances then speak to an IFA (independent financial advisor) to decide where you are most at risk."

This guide shows how important life insurance can be to the average family.

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