Insure what you cannot afford to replace, expert says

When deciding upon what insurance policies to take out, teachers may be interested to hear of an expert's suggestion that people should insure only what they cannot replace themselves.

Tony Levene, author of Which? Money Saving Handbook, questioned the need for some types of insurance in the Guardian.

"Buy home insurance, because you could not afford to rebuild your property if it burned down and get motor insurance, not just because it's a legal must, but because replacing a car is beyond most people's wallets," he advised.

He referred to a number of "unnecessary" policies, such as those for alien abduction and immaculate conception.

Mr Levene also said that people should be wary of taking out policies with a lot of small print that may make it difficult to claim money.

In what may be good news to teachers, the Association of British Insurers recently pledged to ensure a greater number of payouts on health insurance.

Source: The Guardian