- Give full and truthful information when applying for insurance. If you don’t, your policy may be void and you will not be able to make a claim.
- Give a full account of any medical conditions when requested.
- Check for any age limits on the cover provided.
- Look out for excess charges on the policy. An excess is the amount you will have to pay towards any claim before the insurance company will contribute.
- If you pay by standing order and change insurer, remember to cancel the standing order so you don’t end up paying for two policies.
- Read the terms and conditions of your policy or ask the adviser to explain them, so that you don’t have any nasty surprises later on.
- If you’re buying an extended warranty for a product, check whether you’re covered elsewhere (for example, through contents insurance).
Should you trace old insurance policies?
Old savings, life or pensions policies may still have value and be worth tracing.
Most other types of insurance, such as household or motor policies, do not have any value after the period covered has finished.