Global Insurance

Let’s say you cancel at age 30. Now you are 40 and you decide it’s time to get life insurance again. The premiums on your life insurance policy are more expensive than you paid 10 years ago but you think you can cope with that.

But what if your lifestyle has changed in the last ten years, or your health has deteriorated? You could find a new life insurance policy is a lot more expensive than your original cover was at 30. And there's a risk you may even become uninsurable if your health is significantly worse.

So it makes far more sense to keep the life insurance protection you took out when you were young, bright-eyed and bushy-tailed. You may regret cancelling it and reapplying when you're older because you might not have such a clean bill of health.

If you're relatively young, the chances are your life insurance cover is reasonably cheap, particularly for life cover only plans. So ask yourself, how much you would realistically save by cutting out the premiums? Is it really worth saving a few dollars each month when you think about the financial troubles which could face you and your family with no cover in place?