A quarter of Britons cut back on essential insurance
Fri, 14 Nov 2008
Around a quarter of Britons are putting themselves at financial risk by foregoing life, medical, home and travel insurance in an attempt to save money .

Recent research from Fairinvestment.co.uk has revealed that 24 per cent of people believe that it is acceptable to skimp on insurance and are going without such policies so that they can save some extra cash during the credit crunch .

While 62 per cent of the respondents revealed they had some type of home insurance arranged, only 12 per cent said that they had taken out payment protection insurance (PPI) . Fairinvestment.co.uk spokesperson Rachael Stiles said: "As budgets get tighter, I can understand why Brits are cutting back, but insurance should be one area that is sustained."

Life insurance has also been affected. Only 10 per cent of 19 to 21-year-olds questioned had a life insurance policy in place. This compared with 53 per cent of 51 to 55 year olds. Ms Stiles advises young people to be more aware regarding life insurance "as you never know what is around the corner."
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