The cost of insurance – house, contents or car, not to mention funeral, health and travel cover – can be a financial burden for many yet attention to such policies cannot, in the main, be avoided.
While this is a subject which needs in depth consideration, here are a few quick tips to consider.
- Check all policies – be sure you know what they include and exclude. Keep policy documents in safe but easy to access place.
- Keep house insurance and contents values up to date – be sure you are covered for the correct value (not too high and not too low) and remember to specify valuable items on your contents policy. If, for example you lose a valuable ring and it isn’t specified, you could be out of pocket.
- Consider car insurance carefully. Some people over insure then, when lodging a claim, realise they may not receive the payout expected. Also keep registration, warrant of fitness and tyres up to date – claims can be declined after an accident if a car is considered unsafe.
- Be aware of health insurance exclusions if you have medical insurance. Check what procedures or treatments are covered and ask about a health issues you had before taking out a policy – these may be excluded from a policy.
- Many seniors now opt for funeral insurance however, be sure you know the pitfalls if premiums are missed and understand long term costs involved. Be aware the higher the payout, more likely, the premium will be high too.
- Importantly, do not rush into policies without knowing the full extent and cost of cover and any conditions which relate to the policy.
- Seek legal advice or help from the likes of the Citizens Advice Bureau, Aged Concern or similar. Be fully conversant with and understand your policies.
