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Insurance: a case of true priorities

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It is amazing the innovative measures some people come up with during testing economic times. 

The other day I read that sales of wine decanters are on the rise.

Apparently, the hard-pressed middle classes are using wine decanters to disguise the fact they are serving up cheap plonk to guests in place of the more expensive wine they used to drink.

It is not surprising that people are looking for ways to cut costs. But as they scrutinise their bank statements, it might not just be expensive wine that gets the chop.

It would be concerning to think they might cancel their protection insurance. Even with a depressed economy, life does not stand still. 

People are still buying houses, still getting married and having children and, unfortunately, they are still getting ill. So the need for protection is always there, regardless of the country’s economic health.

Yes, it is a form of insurance that one hopes will never be used. But that does not mean it should
be ignored.

It is hard to cut back on all the good things in life but sacrificing an expensive bottle of wine for a cheaper version, even occasionally, makes financial sense. Cancelling a critical illness insurance policy or an income protection product, however, does not.

Last year, we had the gender directive to highlight customers’ need for protection. We should try to build on that momentum and ensure that people understand their protection needs and priorities and are not tempted to cut back on life’s real essentials.

 

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