Insurance policies hit by reduced incomes

CLOSE to one-in-eight people cancelled insurance policies in the last year due to reduced income, a survey has found.

The research also found that just over two out of three people said their household has experienced a drop in income over the last 12 months.

The findings show that 28% cancelled travel insurance with the same percentage canceling life cover. Also 25% cancelled car insurance, 22% critical illness and 13% house insurance.