Tracking insurance premiums so cover never lapses

A lapsed policy is expensive to discover at the worst time. Premiums are predictable, so there is no reason to be caught out.

1. List every policy

Note the type, insurer, premium, due date and what it covers.

2. Calendar the renewals

Set a reminder a few weeks before each due date, with time to arrange the money.

3. Set aside monthly

Divide each annual premium by twelve and fund it monthly so the bill is already covered.

4. Keep documents together

Policy numbers and contact details in one place save time in a claim.

5. Review cover yearly

Life changes. Check whether the amounts and terms still fit your situation.