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Tim Leonard

Tim Leonard

Finance Expert
Published: 08/04/2009

Cutting out insurance policies in order to save money could leave consumers at risk, it has been warned.

Research by Sainsbury's Finance revealed that millions of people are attempting to reduce their outgoings in this way, with life insurance one of the main casualties.

An estimated 532,000 Britons are thought to have given up or cancelled these policies, in addition to 284,000 that Sainsbury's believes to have reduced their level of cover.

The company's Neil Laird observed that many people are taking risks as a result of the current economic climate, stating: "It's inevitable that people are going to be looking to make cutbacks, but it's a real concern when those cutbacks leave them vulnerable to far greater expense down the line."

Home insurance was shown to be another area being targeted, with around 526,000 reducing cover and 420,000 cancelling.

Halifax recently urged those who are carrying out DIY work over the Easter weekend to check their policies cover it.

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