Cost of living: how to keep protection without cancelling it
When money is tight, protection is an easy thing to cancel — and often the worst thing to lose. There are usually better options than dropping it.
Cancelling cover to save a few pounds a month removes the safety net at the exact moment your finances are most fragile. Before doing that, it is worth knowing how flexible protection can be.
Premiums can often be reduced rather than removed: lengthening the deferred period on income protection, adjusting the benefit term, switching from a guaranteed to a reviewable basis, or trimming cover to what genuinely matters. Reviewing older policies sometimes uncovers savings too, as health, smoking status or the wider market may have moved in your favour.
The instinct to economise is sound — it just needs to be aimed at the premium, not the protection itself.
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