According to research by broker group PIBA, policy holders under the age of 35 are more likely to cancel insurance policies as a means of alleviate financial strain. It also reveals how different age groups are dealing with the recession in different ways. Whilst the under 35’s are generally cancelling policies, many people from the 35-50 age group are leaving policies lapse on renewal.
Chief operations officer at PIBA, Rachel Doyle, said people can react to tough financial situations without taking into consideration the possible ramifications of cancelling insurance policies. She stresses that people should be encouraged to take a more pragmatic view of having insurance and not take a short-term view that could leave them in a difficult situation.
Irrespective of your age or financial situation, our financial services advisors can give you advice on cutting the cost of your insurance policies whilst keeping the level of cover by shopping around for the best deal possible for you. So, don’t cancel your policy, talk to us today!
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