Life insurance policies represented nearly one in four of all insurance cover cancelled in the six months leading up to January 2023, according to the Financial Conduct Authority (FCA).
Detailed in the regulator's Financial Lives Survey 2022, published yesterday (26 June), 23% of all insurance policies cancelled in order to save money were life cover. This was followed by critical illness (10%), private medical insurance (9%) and health cash plans (5%). The report did not include information on income protection policy cancellations. Comparatively, mobile phone (27%) and pet (25%) insurance were the most cancelled general insurance policies, followed by contents and gadget (21%). During the same time period, life cover represented 16% of all insurance policies whe...
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