The cost-of-living crisis is taking its toll and many UK consumers are looking to reduce their outgoings. Before you consider cancelling your protection policy speak to me first.
If affordability is a concern, you could reduce the amount of cover or remove additional benefits. Or in the case of income protection, you could consider increasing the deferred period.
When assessing your finances, it is important to think carefully about your decisions. As well as leaving you and your loved ones without essential cover, if you cancel your protection now then take out a new policy in the future, it will more likely than not end up costing you more. Think about any other spending that could be cancelled first. Remember that cancelling protection can undermine a carefully constructed plan.