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Is insurance a necessity or an option?

As the UK consumer continues to be squeezed from all sides many people are looking at their insurance policies and investigating if any money can be saved in this area. However, insurance is something which offers a very valuable backdrop in the event of unforeseen circumstances and savings in this area can actually be counter-productive in the longer term. While car insurance is legally required to drive a motor vehicle there are various insurances which are optional such as house insurance and health insurance.

The problem with looking to cut back on premiums for things such as house insurance and health insurance is the fact that many in UK would not be able to fund either the replacement of items in the home or health costs in the event of an emergency. The ongoing payment of premiums would appear to be the best form of insurance going forward but many people are literally being forced into thinking again due to the ever increasing cost of living in the UK.

When you also consider the fairly insignificant savings which are available if you decide to cut back or even cancel certain insurance policies the pros certainly outweigh the cons with regards to the retention of insurance into the future.

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