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Life insurance is most valuable
09 September 2008
During the current economic climate life insurance protection is the most important insurance policy to have, claims the Association of British Insurers (ABI).
According to ABI, an increasing number of consumers will be looking to cut back on their expenditure and life insurance may be discarded, but there are risks concerned with opting not to take out the protection.
Jonathan French, a spokesperson for the ABI, said: "Particularly when it comes to those products which would protect your income in the event of you being made redundant, [is that] those sort of products are at their most valuable."
Mr French argues that if people did not take out life insurance they would be vulnerable to the negative effects of the credit crunch in the event of redundancy.
"We would say that people should look very very carefully before they take action which would potentially leave them unprotected," he said.
Research by the Prudential revealed that one in ten people would give up their life insurance policy due to personal budgets.
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