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Cancelling protection plans could have long-term implications, warns Insurancewide.com

Cancelling protection policies or failing to understand their benefits could have massive long-term implications, warns Insurancewide.com.

The comparison site says in worsening economic conditions it is unwise to chance not being protected against potential risks directly linked to your finances by canceling plans or ignoring their benefits.

Instead, Insurancewide.com chief executive James Harrison is now urging consumers to consider payment protection insurance as a way of protecting income, and protecting against unemployment.

He says: “With people in the UK losing their jobs at the fastest rates since 1991, PPI should be on your list of top priorities when considering the financial security of you and your family. In addition to the number of unemployed rising to its highest level since 1997, the cost of living also continues to go up.”

However, he does point out that finding the right PPI policy can be complicated and says speak to an adviser about your finances to establish what kind of protection is most suitable, and PPI policy meets your insurance requirements.

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