Don’t put off life insurance because of this

In today’s economic drizzle, it’s tempting to tighten the belt and let go of what seems like non-essential spending.

But before you decide to ditch your financial raincoat, let’s talk about why keeping that insurance might just be the clever move in the long run.

Cutting costs with caution

Recent insights from a Zurich survey have highlighted a trend: many are eyeing the costs of life and critical illness cover with a bit more caution these days.

A notable number of us – around half, actually – are feeling the pinch and questioning whether these insurances are the 'luxuries' we can do without. And when it comes to starting new policies, it’s clear people are hesitant.

The cost of living has all of us rethinking our budgets, and with high energy and mortgage bills, who wouldn’t? This is reflected in Zurich’s data, with 37% hesitating on critical illness cover and 34% on income protection.

The importance of keeping your policy

Dropping your insurance might seem like a good idea when you're looking to save money, but it’s a bit like cancelling a gym membership while trying to train for a marathon. If your budget is tight, it’s always best to look at adjusting your cover before cutting it off completely.

In a landscape where everyone's keeping an eye on their outgoings, there's arguably no better time to appreciate the value of a safety net.

Plus, the price you pay for your policy is locked in. But if you cancel your policy after having it in place for even only a few years, you’ll lose your rate, and taking out the same policy later down the line will cost you more.

Still haven’t got cover?

Having the right insurance policy in place should be the backbone of your financial situation. There are all sorts of policies to choose from, depending on your circumstances.

Want to protect the money you earn: income protection. Worried about being diagnosed with a serious illness: cancer cover. Have a big debt, like a mortgage: mortgage protection.

Our specialists are on hand to help you find the policy you need and at the right price too.

In summary

While your first instinct during the cost of living criss might be to shed some financial weight, think of insurance as your umbrella. It's an essential you don’t want to find yourself without.

If you’ve taken your policy out with us, please keep the dialogue open, we can help make adjustments where necessary, and ensure your policy is the perfect fit for you, and your budget.

Your takeaway

Nobody’s saying that reviewing your outgoings isn't wise. Just don’t jump to cancelling your cover.

Our specialists are there to help tailor your insurance so it fits just right – not too heavy on the wallet, but the right amount to keep you covered.