Have you ever worked out how much you spend on insurance? Try totting up your premiums we suspect you’ll be surprised! You’ll be even more surprised to discover that there’s a probability that you’ve also duplicated some of the cover you’re paying for. Cut the duplication out and you’re certain to save money.
Lots of people have insurance cover for legal expenses, loss of income, theft, even death, without even realising it. This can arise because many of us don’t fully understand what’s covered by the policies we have, especially if the policies had been arranged for us by financial advisers and brokers.
In a recent survey, The Financial Services Authority (FSA) discovered that optional extras such as breakdown recovery and legal expense cover, were frequently added to car insurance without checking whether the policyholder was already covered. It’s also not uncommon to find that people with Permanent Medical Insurance have duplicated their cover via payment protection policies taken out specifically to cover their monthly payments on mortgages, loans and credit cards. The point is that if they claim on their...