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Life Insurance -
Cut backs on life cover and pensions blamed on the credit crunch - 08/04/2008 |
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The number of people who have stopped purchasing life insurance products is increasing as the credit crunch continues to squeeze families’ finances.
Research carried out by Axa Insurance has revealed that 8 per cent of households who earn £30,000 a year or more, are considering not renewing life cover policies. This could result in just over 1 million homes going without life insurance or critical illness cover this year.
This cut back has also spread to voluntary pension contributions with the savings figure halving during the last 12 months according to Prudential. Further findings released by Brewin Dolphin, showed that one in ten pension savers were expecting to stop, pause or reduce their contributions this year. People aged between 25 and 34 years old are the most likely to do this.
Prudential spokesman, Gary Shaughnessy said, “The current economic conditions and concerns over house price deflation means that maintaining pension contributions is more important than ever.”
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