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Insurance Mistakes That Will Cost You Money

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					Whatever type of insurance you are taking out, there are some common
mistakes that people make which cost them money and may leave them
without cover when they most need it. If you are looking at insurance
then you should avoid these common mistakes if you want to be fully
covered and save yourself money:      Not updating policies


  It is important to keep all insurance policies up to date to make sure
that you have adequate and accurate cover. If your policy doesn't allow
for inflation then you might need to increase its value every few years.
Also, with life insurance remember to keep beneficiaries up to date when
any new event such as marriage or birth or death occurs.        Letting
insurance lapse      If you have various bank accounts and insurance
policies it can be easy to let an insurance policy lapse when changing
accounts or closing an account. You need to make sure you keep track of
all your policies, because any lapse could mean that you are not covered
or that any continuous cover benefits you had are wiped out. For example,
if you lapse on medical insurance you will be treated like a new customer
and will not be covered for any previous illnesses you have had.
Not shopping around      Too many people take the first insurance policy
that they are offered, without looking to see if it is really competitive
or what they want. Just because you can afford a policy doesn't mean it
is the best one for you. You should always take your time to look for
insurance, and get quotes over the phone or online before arranging
meetings and finalising a deal.       Getting inadequate cover
Another common mistake is not getting adequate cover, either for home or
life insurance. Although £100,000 might seem a lot for cover, if you die
then your family has to live off this amount for years and it won' t be
enough. Make sure that you are fully covered for the value of your home
and its contents and that your life insurance policy is adequate so that
your family can survive.        Lying on the application       Although it
might seem tempting to lie on your policy about something, the lender
will usually find out and if they do you might be left with no cover.
Although you might pay more for your policy by disclosing all medical
problems, it is important to be honest on your application.         Using
the wrong insurer      Perhaps the biggest mistake you can make is
picking the wrong insurer for your policy. Although many insurers are
perfectly honest, there are some that will cost you more money and simply
won't pay out when you need them to. If you are unsure about anything in
the insurance agreement, do not sign it. Make sure you check over
anything you sign and consult a solicitor if necessary.      Peter Kenny
is a writer for creditcards-gb.co.uk. For additional articles and an
extensive resource for everything about credit cards, please visit us at
Credit Cards and Contents Insurance Visit http://www.creditcards-
gb.co.uk    Related Articles - insurance, car, life, travel, pet,
caravan, cheap insurance, UK, compare, quote, home, buildings, contents,
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