Many countries have gone into recession or are going into it and economists predict a "rough" time ahead for a few years.
At a time like this many people have to cut costs and unlike earlier recessions there are more "essentials" that they want to retain, for example mobile phones, satellite/cable TV and broadband internet access.
One "essential" that can be overlooked is their insurance policies.
Many companies have monthly payment schemes; however always read the "small print" if you stop paying the premium, the cover usually stops. and therefore no insurance payout.
Don't cut back on insurance. You never know when you might have to make a claim