Brits ‘cutting back’ on insurance

Many Britons are risking their finances by not taking out medical, home, payment protection or travel insurance policies, it has been claimed.

Almost a quarter (24 per cent) of those questioned in a survey by Fairinvestment.co.uk admitted they did not have any such insurance policies in place, while three-quarters stated they do not take out travel insurance when going on holiday.

Spokesperson for Fairinvestment.co.uk Rachael Stiles described the findings as “concerning”.

“As budgets get tighter, I can understand why Brits are cutting back, but insurance should be one area that is sustained,” she explained, adding that by not taking out policies people are risking having to make large payments should an incident occur.

Those struggling with their finances who had cancelled insurance policies as part of a debt management plan may wish to rethink their decision following the advice.

Esure recently urged customers to check their home insurance policy to make sure they do not waste money by purchasing unnecessary cover for expensive gifts while doing their Christmas shopping.

By Tom Musk

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