Before dropping cover, review it!
Back in financial crisis of 2008 lots of life assurance policies lapsed, including mortgage protection & income protection. life assurance very often gets dismissed during difficult times. Life Assuurance ofter get treated as luxury product and people are quick to drop if in times of difficulty. In spite of the fact high premiums are paid out for the newest TV entertainment, we have been conditioned to try an excape the fact that life is frought with hardship and difficulty. This is why its most important to keep life assurance products in place.
- There may be an option to convert the policy which may save money
- If the policy has a value, it may be poossible to reduce the premiums
- Depending on how long the policy is in place, it may be cheaper eslswhere
- If the policy was a bad fit to begin with, this could be corrected
- You may not need the same amount of cover as you did at the start of the policy
- You may not know the value of what unless its compaired to the current market