Brits opt out of life cover

Over half a million Brits are opting out of life insurance by cancelling their policies as a bid to save more cash, it has been revealed.

According to research by Sainsbury’s Finance, the recession has led 532,000 Brits to cancel their life insurance cover over the last 12 months.

Sainsbury's home insurance manager, Neil Laird, who believes “insurance should be viewed as a necessity, not a luxury,” stated that it is “inevitable” for Brits to think of new ways to reduce costs.

He said: "Given the financial state we're in it's inevitable that people are going to be looking to make cut-backs, but it's a real concern when those cut-backs leave them vulnerable to far greater expense down the line.”