SIMON BROWN: The insurance balancing act
Take out too large a policy too soon in life and you’re probably wasting money; but start too late and it may cost you dearly
I wrote last month about how I self-insure most of my possessions, but not my health. This is simply because health-care costs can get very large, very quickly. This said, I do still try to shop around for better deals, and recently encountered an eye-opener in this regard.
About 20 years ago I took out a dread disease policy, and have been paying for it every month since. Fortunately I haven’t had to claim, but 20 years of increasing premiums (and benefits) mean it has become a large monthly debit, so I called around to get competitive prices...