Consider your insurance options

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Cutting down on your personal insurance cover seams ideal when trying to reduce costs, however many insurance policies are intended to provide help to you in times of need.

A customer, carried out on behalf of American Express Insurance Services, shows that many of us will reduce our insurance cover to save money. 27 per cent of the consumers surveyed, planned to reduce their health insurance and 17% were considering canceling pet insurance.

The managing director of Amex Insurance Services, says that it is concerning when consumers cancel the very policies that offer protection during hard times.
Tony Solomon, concurs with this view, saying you must think twice before cancelling, because loss of cover may adversely effect their family and themselves in the years to come. Life insurance and critical illness cover are both too important to sacrifice. If the worst happened and you died, or fall seriously ill, then cancelling your policy could leave your family with bankrupt, he says.

Your insurer maybe able to help if you cannot afford your premiums so give them a call

The BIBA, says that people do not appreciate the process and cost involved in replacing possessions, if they are stolen. He advises everyone to take out contents insurance, but to look at the different levels of cover, as they may not need all your possessions covered. For example, contents insurance costs about 149 pounds a year on average, but you should be able to save 25% by cancelling accidental damage and personal possessions cover.

Pet cover may appear to be unnecessary, but without cover you may struggle to pay an expensive vets bill in an emergency. So which policies are you safe to cancel? Referring to medical insurance, Solomon says that many people are fortunate enough to receive health insurance as part of their employment package. However, you must protect your families finances. Therefore, it would be advisable to choose critical illness cover, which pays out a lump sum, rather than mortgage life assurance or medical insurance.

 

 

icelinecee @ July 2, 2009