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ABI: Don't penny-pinch on life cover
12 September 2008 11:00
The Association of British Insurers (ABI) has warned people not to cut back on their life and other protection policies, asserting that current economic problems make them more vital than ever.
One in three Britons consider life insurance to be the most important type of protection available, according to a recent poll by Prudential, whereas just one in ten policyholders claim that they would give up their life cover as part of an effort to reduce their costs.
Yet while ABI spokesperson Jonathan French stated that life and protection cover are useful for anyone with liabilities or who wants security for their families, he noted that it could be an area where people seek to cut their spending following the credit crunch.
However, Mr French observed that, ironically, these products are in fact particularly essential in a time of economic uncertainty such as this, when jobs are at risk and urged Britons to think carefully before taking any action that could leave them unprotected.
He added that there are a variety of ways in which people can shop around for the best deals on life cover, but warned that cheapest is not always best and encouraged them to seek independent financial advice first to ensure they get a product that suits their needs.
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