One quarter of workers cancel insurance policies amid financial pressure

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...