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Since 2006 we have helped 339,595 people compare Protection Insurance quotes.
We would love to do the same for you...

Beware the potential false economy of cancelling your protection insurance during the cost-of-living crisis

Here at QuoteLifeCover, we are well aware of many of the pressures that people up and down the UK are feeling at the moment, particularly in relation to their finances. In 2022, many of us have found that our incomes aren‘t stretching as far as they used to, with this situation forcing great numbers of people to make hard choices about how they spend their money.

At times when people need to cut back on their expenditure, the received wisdom is that it is best to first sacrifice those things that aren‘t so important, or that aren‘t currently being used.

So, if you have a protection insurance policy in place right now - something like income protection, critical illness cover, or a life insurance policy - you might be asking yourself, “do I really need this? At least right now?”

The problem with cancelling a policy and reinstating it later

A lot of people who do have protection insurance like the above might be tempted to think that if their policy isn‘t currently paying out - for example, providing monthly tax-free payments in the case of an income protection policy - it isn‘t effectively doing anything for them, and can therefore be sacrificed.

You might even think, “yes, it‘s a risk to ditch my protection insurance policy, but in my current financial situation, I have to do it. I can always just reinstate the policy later when I‘m in a better position.”

That‘s because, in order to reinstate the policy later, you would need to buy a new policy afresh. By then, you will be older (which is always a sure thing for bumping up new protection insurance premiums), and you might have health concerns that you didn‘t have at the time you took out your previous policy.

You may find, then, that more expensive cover effectively wipes out any ‘savings‘ you had made from cancelling the last policy you had. That makes it very likely that cancelling your protection insurance will turn out to be a false economy, even if you only wait a few months before buying a new policy.

We can help ensure you benefit from the perfect policy

As well as the above, of course, there‘s simply the fact that cancelling your protection insurance means you will no longer have protection. And there are all too many instances from down the years of people deciding they could “take the risk” of doing without protection insurance, only for the worst to then happen. It could be tragic and devastating, and we wouldn‘t want it to happen to you.

Let‘s imagine, for instance, that it‘s a combined critical illness and life insurance policy you‘re thinking of cancelling amid the cost-of-living crisis.

If you took out the policy in the first place to help ensure your household would be financially protected in the event of you dying or suffering from a serious health condition such as a stroke or cancer, those risks won‘t go away during even a short period without the insurance. The potential consequences just don‘t bear thinking about.

Naturally, no one person‘s circumstances will be identical to the next person‘s, and we don‘t know your particular situation. Nonetheless, we would urge you to think very carefully about any decision you make to cancel protection insurance for cost reasons during this time. You won‘t want to be haunted by a decision that you later severely regret.

Would you like to benefit right now from the advice that could help you secure the best income protection, critical illness, or life insurance policy for your needs? If so, you are welcome to call our completely free advice and quotation service today, on 0800 316 6917, with no obligation to buy.

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Read What Our Customers Think of Us

Five Stars (4.9)

Great communication, help and guidance.

All my questions were answered, as I know little on how life cover, critical illness and terminal insurance policies work.

I was given good independent advise, so I could confidently make my choice on what was right for me.

- Denise

Clear, friendly, efficient and prompt service.

No nonsense, no jargon, just clear and informative guidance. Very quick with results which did not disappoint. Delighted with my deal which was a third cheaper than my own bank offered me and I didn’t do any of the legwork. More than happy to recommend.

- Ms Shannon

I found the customer service representative very polite and informative and helpful.

I wished some information on life insurance for a mortgage I have applied for.

All in all the process was very useful and informative and the representative was very helpful and polite. I would recommend this online service to anyone who is looking for life cover.

- Mrs Severn

Very good professional service.

I was impressed by the quality of service by the advisor who dealt with my request. He has carefully listened to my requirements, asked a few relevant questions and has provided me with the option which suited my needs in the best possible way. I have really admired his flexible approach and fantastic customer skills.

- Mrs Cookson

Professional and no-nonsense approach.

Very thorough yet friendly service. Good contact and information one can understand.

- Heather Cronley

A professional customer centric company with the client at the heart of the transaction.

The advisor put me at the heart of the transaction, was professional, gave realistic opinions and suggestions offering me choices in clear terms which I understood.

- Andrew Hughes

Outstanding service and knowledgeable customer service rep.

I received a call as promised in my email. Marie Bedding was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.

Marie was very sensitive when discussing personal circumstances and listened carefully and showed compassion to my details. Marie then said ‘leave it with me and ill get back to you’, within 20 minutes Marie was back on the phone with the quotes as promised and gave me a selection of options to chose from.

Marie did not pressure me with the ‘Hard Sell’, I needed time to discuss the options with my partner, Marie kindly emailed me all the details and left it in my hands to contact her once I had made a decision and if I would like to go ahead with the policy.

I cannot fault this service and the professionalism I received.

- N Marsden

Excellent Service.

Great service, easy to understand terminology. Everything explained and documented by adviser. Thank you.

- Glenda

The quotation service is provided by an FCA-authorised insurance specialist

Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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