Brits 'ditching life insurance' to save money
Life insurance is being neglected in favour of saving money, according to a new survey.
British consumers are cancelling their life insurance policies in a desperate bid to save more money during the credit crunch, it has been revealed.According to uSwitch.com, 13 per cent of Brits have ditched life insurance cover in order to claw back cash that can be used elsewhere.
Some 15 per cent of consumers have stopped paying for car breakdown cover, while a further 15 per cent have axed their health and dental insurance plans.
Ashton Berkhauer, insurance expert at uSwitch.com, said it comes as no surprise that consumers are looking for ways to cut back given the financial pressures they are facing.
However, he added: "There's a big difference between cutting down on luxuries or your weekly shop and cutting out on life insurance or pension savings."
Consumers who take time to shop around online may be able to secure cheap life insurance cover, which will save them money and ensure they are not left unprotected.
According to a survey by Axa, 50 per cent of working women have no life insurance.
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