Insurance premiums

jennygirlx

Hi, I'm not sure if this is the correct place to post this but here goes.
My partner and I were made redundant last month (all the eggs in one basket unfortunately) and have been struggling financially since.

We were wondering if it is advisable to cancel the accident/critical illness/life insurance as this nearly comes to a whopping 1/4 of our outgoings once the mortgage protection is up and running.

Has anybody else looked into this? Would they even suspend it untill one of us is employed again?

We are both in our earliy 30's with a one year old.

Andyboy

sorry to hear of your troubles. As you are now looking closely at your finances it may be time to check all your policies do what you personally need.

Don't rush to cancel until you have checked all the options but in reality if you cannot afford the policy is there a better cheaper alternative. This you will have to look into yourselves as you know more than anyone else about your own lifestyles and outgoings.

Best of luck anyway....I was recently made redundant and know what you are going through.

anamenottaken

jennygirlx wrote: »

Hi, I'm not sure if this is the correct place to post this but here goes.
My partner and I were made redundant last month (all the eggs in one basket unfortunately) and have been struggling financially since.

We were wondering if it is advisable to cancel the accident/critical illness/life insurance as this nearly comes to a whopping 1/4 of our outgoings once the mortgage protection is up and running.

Has anybody else looked into this? Would they even suspend it untill one of us is employed again?

We are both in our earliy 30's with a one year old.

That seems a very high figure given your ages. Unless it is actually a savings plan which pays out a lump sum if you don't make a claim or you have risk factors that lead you to believe you are actually likely to need to claim, I'd ditch it if it were me.

sprincy

sprincy


Hi, I'm not sure if this is the correct place to post this but here goes.
My partner and I were made redundant last month (all the eggs in one basket unfortunately) and have been struggling financially since.

sprincy

anamenottaken

sprincy wrote: »

sprincy


Hi, I'm not sure if this is the correct place to post this but here goes.
My partner and I were made redundant last month (all the eggs in one basket unfortunately) and have been struggling financially since.

sprincy

Sorry to hear aboiut the redundancy.

Do you have a question for us?

Have you seen the Debt-free-wannabe board?