subject: Know your Insurance Policies! [print this page] Know your Insurance Policies!
A recent story in the Mail on Sunday has underlined a common scenario: paying for an insurance policy you never knew you had and almost missing out on being paid out as a consequence.
In a story reported last month, a woman who was diagnosed with and then subsequently beat breast cancer back in 2003 found out she was due 50,000 throughcritical illness protection cover she never knew she had. This case highlights the all too common problem of people being sold protection plans without being properly advised on what they are buying into, or indeed what their money is being spent on.
Explaining the Policy
If the lady in question had bought the policy through awhole of market protection consultant, then she would have had the policy explained to her in great detail so that she would have been totally clear in what circumstances she would be due a payout. Brokers are duty bound to provide all the facts before anything is signed, meaning the policy holder will leave with not only the best product on the market, but also the peace of mind of knowing when and in what circumstances a claim could be made.
Check what you are paying for each month: you could well have cover you never knew you had and there may even be the opportunity to claim on a policy you have been paying for.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
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