Have you ever taken five minutes to look at your bank statements to see where your money goes each month? Mortgage or rent payments, council tax, loan repayments and bills are bound to take the biggest chunk of your income, but you’re also bound to have the odd insurance policy in amongst them. Some of us have a whole list of them. But the question is – which ones do we really need?
Insurance, although costly, has an important role to play. If you have dependents, for example, you should really have life cover. This would pay out a lump sum should something happen to you, that should at least be enough to pay off the mortgage and any debts. However, if you don’t have anyone dependent on your income, life cover is a waste of money….
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