Cancelling Your Life Insurance Could Be Costly

Most people don't like to think about insurance. The very thought of laying out money for something you may never need, especially when times are tough seems like a waste. It therefore becomes very tempting to cancel the life insurance at the time.

If you are considering cancelling your life insurance you should first think about the long term consequences.

  • What would happen if you were suddenly to become ill? Insurance policies are not cheap at the best of times, and with a health problem will seem even less affordable.
  • If circumstances become unbearable and the policy becomes too expensive to afford, then there are ways of reducing the cost. One example is by reducing the amount of cover that you have, this will make the premiums more affordable.
  • If something were to happen to you? Could your family survive? Your family could be burdened with hefty mortgage repayments, bills and other expenses.

Try not to make any hasty decisions as a bad decision could affect your loved ones. Think twice before cancelling your life insurance.

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Published on March 3-th, 2010 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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