ABI: Don't cut back on life insurance

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ABI: Don't cut back on life insurance

Life insurance policies should not be sacrificed in an effort to save money, the Association of British Insurers (ABI) has warned.

Spokesperson Jonathan French said it was a "great irony" that people should attempt to handle the credit crunch through cutting life cover costs.

He said products that protect income in the event of redundancy are potentially most valuable during economically uncertain times.

People should look "very very carefully" before taking action that could leave them unprotected, he warned.

A family or individual with "financial liabilities" such as loans or mortgages should consider taking out life insurance, Mr French said.

According to insurance and financial services provider Prudential, life cover is the protection most Britons would like to take out, with 35 per cent of people valuing it the most.

But it also found that one in ten people would sacrifice a life insurance policy due to personal budgets.

Click here for more insurance news.

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