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Thursday 22nd January 2009
Will I need insurance ?
Insurance protects against financial loss if something unexpected should happen to you. For example, if a person buys a life insurance policy by paying a premium, usually a small amount that can be paid monthly, their family members could receive a payout after any unfortunate event like death.
Before you buy insurance, consider this – does this insurance policy give me what I need? Make sure the policy will provide the cover that you actually need and at a level that’s right for you. Choosing the wrong level of cover may leave you under-insured or paying for cover you don’t need.
The cost
Ask yourself if you can afford the monthly premiums over a long period of time. Is the insurance policy flexible if you miss a payment? Also look at the terms and conditions and any restrictions. With all insurance there is usually an ‘excess’ you will pay. This could be £200 upwards. So for instance if you need to make a claim on your insurance, on a car policy say, they you’d have to pay the first £200 of the cost of repair. The higher the excess the lower your monthly payments will be but weigh it up carefully. Paying less a month and then discovering that you’ll need to pay a whopping £500 of any claim you might make can be a shock.
You can pretty much be insured to the hilt to cover just about anything. Check out the most common types of insurance.
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Insurance 
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