It’s no time to be without insurance

Financial worries are a source of stress for many and it\'s only natural in the current economic climate that consumers will have started to tighten their purse strings and be looking at ways of cutting their household costs.

For some this might mean shopping at a cheaper supermarket, eating out less, going without the annual family holiday or giving up the gym membership.

For others it may be tempting to cancel their protection policy to cut costs further or even postpone buying insurance.

But it’s important to make your clients aware that protection is fundamental to any family’s financial planning and cancelling it could be detrimental to their future.

After all, recessions don’t stop people from becoming ill or dying. There’s also the concern that as protection insurance becomes more expensive the older you get, replacing the policy some years later could be expensive.

Encourage your clients to think about ways of making their cover more affordable, such as reducing the amount of cover temporarily.

Reducing the sum assured will at least give them some breathing space and having a reduced amount of cover is better than having no cover at all.