Almost a quarter of adults in the UK confess to having no life insurance policy. In addition, people are also going without insurance on their home, holidays and even their health because of a need to tighten purse strings.
24 percent of Brits have no life, home, medical or income insurance at all, and a further 42 percent have tried to reduce household expenditure by cutting out payments into their insurance policies or even their pension contributions. While it may be a short-term solution, the grim reality is that if something were to happen which might warrant a claim, you would end up paying out far more than you would for a policy.
For example: a home insurance policy can cost as little as 6 per month. If this was cancelled and your home was broken into, you would end up spending considerably more replacing the items than you would on the policy itself.
Likewise, if you go on holiday without taking out travel insurance, you run the risk of facing huge medical bills if you fall ill and need to be treated abroad. If your luggage goes missing through no fault of your own an insurance policy will cover the cost of replacing your clothes and other essentials.
While insurance is not compulsory - car insurance is only a legal requirement if you drive a vehicle - it’s long been advised that it’s better to be safe than sorry. Having the right type of policy will give peace of mind that if anything happens, you can recoup some or all of your losses.
This is especially true in the case of life insurance. If the main wage-earner dies, a sound life assurance policy can provide their family with financial security during the hardest times. Getting a life insurance quote online is quick and easy, so don’t delay.
