Insurance is not compulsory, buy insurance for your needs
Most insurance is not compulsory. It’s up to you to decide what you may need cover for and you may want to get financial advice to help you do this. Based on your answers to the checklist and bearing in mind what cover you have already, consider what kinds of insurance are important to you. But first – if you’ve already got some cover, check: - that it covers you for what you think it should – check the exclusions in the policy summary and make sure you’ve included any important information; - the level of what is covered... Lire la suite
Income protection insurance or borrowing ?
Insurance can cover your outgoings if you are unable to work for any reason. Here we explain what the types are and what you need to know about each of them. Once you take out any kind of loan, it’s very important that you make all the repayments in full, and on time. If you fail to do so you could lose your home if it’s a mortgage or your loan is secured on it. It could also affect your credit rating – see Loans. Sometimes, however, the unexpected happens. For example, you might lose your job through redundancy, or find yourself... Lire la suite
How insurance works
The amount you pay for insurance will be based on the information you give the insurance company (the underwriter) and the type of risk you want to insure. Insurance companies use underwriting criteria (for example where you live, if you smoke or what type of activity you would like to be covered) to help them work out the price (premium) of the insurance. You might find that some insurance companies may not be able to give you the cover you need. This could be because that particular insurance company doesn’t offer insurance for the type... Lire la suite
How to shop around for general insurance ?
You can buy insurance yourself or with the help of a broker, but either way you’ll get key policy information about the insurance and what it covers. Generally, firms selling insurance and those providing insurance cover (underwriting the risk) have to be regulated by us, or be the agent of a regulated firm. There are some exceptions, for example the sale of extended warranties on non-motor goods (such as on electrical goods) where the person selling the insurance is also providing the goods. Regulated firms and their agents are put on FSA Register... Lire la suite
Cancelling or not renewing your insurance ?
A recent survey by the Association of British Insurers (ABI) found that almost a quarter of people have cancelled their contents insurance and others have cancelled their life insurance to save money. While it is always a good idea to keep track of your finances and cut back on any unnecessary spending, it is important to make sure you don’t get rid of something you may need in the future. Although most insurance is optional (except for third-party motor insurance if you drive on a public road), it is important to stop and think about whether... Lire la suite
