Higher Rate of Policy Cancellations – Poll Result

It seems most of those who have so far cast a vote in our latest poll have seen an increase in life insurance policy cancellations during the past 12 months.

Policy co-ownership firm iExtend states more policyholders are wavering on whether to keep their life cover against a backdrop of cost-of-living pressures (see: Seven Factors Driving Life Insurance Cancellations).

And it appears our interim poll result reflects the firm’s conclusions with 77% of respondents agreeing they have seen a higher rate of policy cancellations. Of the remainder, 18% see no change, and 5% are not sure.

iExtend’s CEO, David Sarkis, citing data from CALI, says 23% of policyholders would consider cancelling their life cover if affordability became an issue.

There’s one week left to cast your vote.