Britons chose insurance over TV

A recent study illustrates just how much Britons value insurance

Travel Insurance News - 07/02/2008

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Prudential recently conducted research which revealed the importance of insurance to the average resident of Britain. Even in times of financial difficulty, many Britons still believed insurance to be one of the most important items to spend on.

Those polled were asked to make choices between products and services resembling those choices currently faced by many in today’s difficult financial times. Most of those asked told Prudential that they would cancel their television subscription or mobile phone contract before they stopped payment on their life insurance policies or home contents cover.

When forced to chose between types of insurance, 35 per cent stated that the most valuable form of insurance is life insurance. Twenty per cent of respondents stated that income protection was the most important while 12 per cent voted for critical illness coverage.

According to the chief executive officer of PruProtect, the survey mirrored real decision that many Britons are making in their budgets because of the credit crunch.

"Life insurance-related policies such as income protection can be a vital lifeline, supplying funds to cover day-to-day costs such as mortgage or debt repayments," he said.

Travel insurance, for those with a little cash to spare despite the credit crunch, can also be a vital lifeline when abroad. Travel insurance covers a number of situations which could ruin a vacation from medical care to lost bags and delayed flights.

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