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Bank charges: Insurance policies 'often discarded' when people are squeezed financially

Consumers who are facing hefty bank charges may well be considering scrapping their insurance policies in a bid to save money.

Martin Bamford, chartered financial planner at the family run business Informed Choice, explained why people tend to cancel insurance policies during times of financial strain.

He said: "Insurance policies often face the chop when money is tight. It is a case of deciding on your priorities and allocating your financial resources accordingly. Taking a short-term view can result in premiums for insurances which are not seen as immediately important being cut."

Mr Bamford added that some families prefer to have short-term gratification, such as a holiday, instead of spending money on insurance that may secure their family for the future.

Defaqto recently reported that it is important for parents to put in place appropriate cover to protect their newly expanded family from financial burden if the unexpected were to happen.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.


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