As the country goes into a state of deflation and downturn in the economy it is reasonable to assume a vast number of people will sit down and work out a way to find funds and make an affordable plan to cope with the strains of continual price rises on the high street and basic living costs.
A recent survey revealed that a quarter of British people are putting their homes and themselves at risk by bypassing essential and generally accepted insurance policies. The survey concluded that approximately 24% of people in the UK conceded to not having these commonplace insurances as a safeguard.
Insurance is defined as protection and security and plays a vital part in our every day lives for our health and financial concerns. Any kind of insurance, be it car, holiday, health, or financial offers us protection and security in the ‘unexpected circumstance’ scenario.
Not surprisingly, the most prevalent insurance was home insurance with over 60% of those surveyed having one form or another of cover protecting their property.
However, in a shocking revelation it was travel insurance that more than 75% of UK travellers admitted to not taking out for their holidays. Quite remarkable when we hear frequently on the news there is another problem at an airport or a horror story that has occurred during a holiday abroad. It seems Payment Protection Insurance (PPI), is at a low of 12% and therefore the one that respondents are readily disposing of.
When you get to Life Insurance the picture is quite different and divided depending on age group. Many people in the 51 – 55 year old bracket, understandably, have taken out more policies than people in the 19 – 21 age bracket. For those in the younger category there are a good selection of policies and it is prudent to allocate an affordable amount as soon as you can to start safeguarding yourself and later on, your family, should any unforeseen circumstances arise and necessitate the help of the insurance cover.
No-one would be criticised for cutting back or reorganising their finances in the difficult times that are ahead to release some extra income. But, life is a tangled web and it is a case of prioritising and safeguarding, not for the situation that is now, but for those unforeseen circumstances that you don’t expect and which always come ‘at the wrong time’. Sensible budgeting to include insurance protection could, in the long run, make your family and your possessions far more secure.
The search for the right policy can be daunting and seem to be a bit of a ‘mine field’ but have a good look around and find out as much as possible about what there is available. There are large insurers who are able to offer every kind of insurance imaginable but there are also more specific insurers, for example, travel insurers who will know all about and can offer the relevant cover for extreme sport enthusiasts or insurers more specific to vehicles of all types and can advise as to how best insure a classic vehicle.
Under no circumstances, however, should you be deterred from applying for a policy that meets your requirements. With some planning and sensible budgeting you could provide you and your family with that bit of extra protection in the event of the unexpected happening.
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