One quarter of workers cancel insurance policies amid financial pressure

Cancellations nearly doubled

Jaskeet Briah
clock • 2 min read

One quarter (26%) of UK workers have cancelled insurance policies in the past year, primarily due to financial pressures, according to The Exeter.

The number of workers who have cancelled insurance policies due to higher living costs has almost doubled to 7% from 4% in 2022, the provider's 2023 Health and Financial Fears survey of 2,000 employed adults found. Of those who cancelled policies in the past year, almost one quarter (24%) did so as they had never made a claim. Meanwhile, others did not recognise the value of their cover (14%) or could not specify their reasons for cancellation (12%) and 5% were unclear about the purpose of the product. Less than half (49%) were aware of the value-added benefits often included in insur...

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