Insurance | CashQuestions Guide to Insurance |
|
|
|
Insurance as a concept has been around for thousands of years, but it was not until the 16th Century that it arrived in Britain in a format recognisable today. The first kinds of insurance policies were fire- and sea-related - unsurprisingly, given the timeless devastation fire causes and the fact that the country is surrounded by sea. But these days you can insure everything, from your life, health and job to your wedding, driving licence and pet tortoise. In other words, insurance is big business.
But, while the modern day consumer is now adept at sifting through thousands of financial products on offer in search of the cheapest, this approach will almost certainly not pay off when it comes to insurance. The policy that costs the least costs the least for a reason - usually because it is littered with caveats and exclusions. And, if there is one thing more worrying than having to claim on some insurance policies - critical illness for example - it's having the payout declined. That's why buying the right policy, and understanding what you are and are not covered for - and under what circumstances - is crucial.
With such a wealth of choice, it is also easy to buy expensive insurances you may not need, as they are either not relevant or are covered by another policy you hold. On the other side of the coin, there could be events for which you are not covered that would cost just a nominal amount a month; if you ever needed to claim you would kick yourself for not having the cover.
To make sure you have the best - and most appropriate - types of cover for you, refer to the CashQuestions guides. When you have decided what you need, check out the CashQuestions tables for what's on offer.
CashQuestions Guide to Home Insurance
CashQuestions Guide to Payment Protection Insurance
Tag this article :     |