Life insurance most important policy for consumers

by Richard Kilner

Story link: Life insurance most important policy for consumers

Prudential has conducted research that reveals people would sooner relinquish non-essential goods/services such as mobile phone contracts before surrendering their payment protection or life insurance policies.

Recent fears regarding the credit crunch and rising energy and foods costs has led to people looking for ways to cut back, especially given the new worries about the prospect of a recession in the US.

According to seven out of ten of those surveyed, the first thing to go would be television subscriptions, followed by mobile phone contracts.

Only one in ten would give up their life insurance policy due to a tighter personal budget.

Over a third of respondents cited life insurance as their most important policy.

The second most important policy, ranked highest by a fifth of people, was income protection.

Sammy Rubin, PruProtect’s chief executive officer, explained that as the credit crunch continues and financial turbulence ensues some people will want to reduce their outgoings and look for areas to cut back on.