Cancelling life insurance could be a costly mistake

We all want to make the most suitable decisions for our family – and cutting back on unnecessary spending is a wise financial move in challenging times. Stopping life insurance payments, however, could be very costly.

Think twice

Experts are warning of the important role life insurance plays in protecting financial wellbeing. Indeed, insurance is not about short-term rewards; it is a long-term investment in your family’s future.

That’s because life insurance pays out as a one-off sum to support your dependants, ensuring your loved ones will not suffer financial hardship when you are no longer here to provide for them.

Cheaper younger

If you cancel your life insurance then decide, at a later date, to take out a new policy, this is likely to come at a higher cost. Payments for a set level of cover are determined by your age and health condition so the longer you wait, the more you are likely to end up paying.

All the options

If you are struggling to make payments, we can outline your options and check if your current cover still matches your needs.