Whether for your health, your home or your possessions, taking out insurance is the best way to make sure that you're financially covered should any problems arise. Here you'll find a short guide on how to buy insurance and making it work for you.
It's as true of insurance as it is of anything else: shopping around is the only way to know for sure that you're getting the best deal. However, don't just look for the cheapest insurance policy as it might not offer as much coverage as other plans. If possible, compare a few like-for-like policies that offer the same level of coverage and see which offers the best deal.
Put some serious thought into what you want your insurance policy to cover – you don't want to end up making a claim and find out your insurance falls short of your expectations. Before buying any insurance read the policy document thoroughly and go through what's covered with the insurer. If you have any concerns or need something to be clarified, ask before you buy the insurance plan.
If you have already bought a policy, you usually have 14 days (30 days for some policies) to change your mind if you decide the policy isn’t right for you. However, be aware that you may have to pay an administration charge on cancelled policies and the cost of any days already covered.
When taking out an insurance policy, make sure you answer all questions as truthfully as possible – otherwise, you run the risk of invalidating your insurance. For example, if you took out health insurance but didn't inform the insurer of a pre-existing illness or condition, your policy could be cancelled or any future claim could be rejected.