As we sit in the midst of a recession period, many will be analysing their financial situations and searching for solutions as to how to free up funds. Everything from bills to high street prices is putting a strain on our wallets during this difficult time.
However, according to a recent survey, almost a quarter of Brits are putting themselves at risk by choosing to avoid some insurance policies in order to save money. Indeed, around 24% of those surveyed admitted to not having many of the most common, and vital, insurance policies on the market.
Insurance plays a large part in our financial and personal well being. Everything from car insurance to life insurance offers some form of financial protection against situations when we might need some help in the event of accidents or disaster.
Home insurance was shown as being the most commonly owned type, with over 60% of respondents having some form of cover secured against their property. Worryingly enough, over 75% of respondents confessed to not having taken out travel insurance when they've been on holiday, whilst the most disposable type of insurance appears to be payment protection insurance (PPI), with only 12% of those surveyed having taken out such policies.
When it comes to life insurance, there appears to be a degree of separation between different age groups, with many in the 51 to 55 year old bracket having taken out more policies than those in the 19 to 21 age group. There are a variety of policies that cater for the younger saver, and budgeting to ensure you save towards a life insurance policy is an important step in ensuring that you are providing protection for your family should anything happen to you.
In these tough financial times, you may find yourself analysing your finances in order to save money and free up some extra income. But as we all know, life is never straight-forward, and it can be worth ensuring that you have insurance plans for a variety of factors. By budgeting to include payments on such policies, you can help protect yourself, your possessions and your family against any unforeseen circumstances.
When searching for a policy, it's best to shop around, with a variety of larger insurers offering policies on everything from motor insurance to travel insurance, as well as those who offer policies for specific groups - such as travel insurance for extreme sports enthusiasts and insurance for those with classic vehicles.
But whatever you do, don't be tempted to put off applying for a policy, with a bit of careful planning and budgeting you can allow yourself that little degree of protection should the unexpected happen.
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Till the time are are not in a position to afford an insurance policy we all try to ignore it and think we don't need it at all. But the fact is that insurance has now become an important part of our lives without which its not easy to survive. So better to get it early as soon as possible.
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