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South Wales Echo - - Your Money -

WHO’S BEN­E­FIT­TING FROM IN­SUR­ANCE PAY­OUTS?

NEWLY pub­lished in­sur­ance in­dus­try fig­ures re­veal that £55 bil­lion was paid out to cus­tomers in 2017 – with hun­dreds of mil­lions of pounds be­ing paid out ev­ery day, typ­i­cally to help peo­ple get their lives back on track and to sup­port them in their re­tire­ment.

The money was paid out by the UK’s gen­eral in­sur­ance and long-term sav­ings com­pa­nies, and in­cludes a record £766.5 mil­lion to help peo­ple with the cost of treat­ing ill or in­jured pets.

Mal­colm Tar­ling, As­so­ci­a­tion of British In­sur­ers (ABI) spokesman, says: “In­sur­ers ex­ist to pro­vide peace of mind, step­ping in to help should the worst hap­pen, as well as help­ing pro­vide long-term fi­nan­cial se­cu­rity for you and your fam­ily.”

Here are his in­sur­ance tips:

■ Shop around for the best deal for your par­tic­u­lar needs, as in­sur­ance is very com­pet­i­tive.

■ Don’t buy on price alone. The cheapest pol­icy may look best for your needs, but it might not be in re­al­ity, so make sure you have the right cover for you.

For ex­am­ple, if you have a pre-ex­ist­ing health con­di­tion and are look­ing for health or travel in­sur­ance, then you may need to seek some spe­cial­ist ad­vice from an in­sur­ance bro­ker.

■ Read the pol­icy, so you know what is cov­ered, and ex­cluded.

■ Make sure you know what to do should you need to claim so that any claim can be dealt with as quickly and sim­ply as pos­si­ble. ■ Keep any emer­gency con­tact num­bers for your in­surer, such as 24-hour helplines so that, if the worst hap­pens, you can get hold of them as quickly as pos­si­ble.

■ For life in­sur­ance, health in­sur­ance and pen­sions, it is of­ten sen­si­ble to seek ad­vice from an in­de­pen­dent fi­nan­cial ad­viser, es­pe­cially as life in­sur­ance and pen­sions are long-term con­tracts, mak­ing it im­por­tant to get the right pol­icy for your long-term se­cu­rity.

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