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Insurance you don’t need
By Daniel | April 22, 2008
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A while back I ran across this article that had 10 insurance policies you don’t need and why. I’ve provided the list below with a quick summary, but you can read the entire article at Consumer Reports.org. There is one below that I do have but it is provided for free by my employer. The accidental death and dismemberment and it covers $15k if I lose a limb or die in an accident. Hopefully this will go unused. |
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- Mortgage life insurance
- Credit-card-loss protection
- Car-rental insurance
- Flight insurance
- Cancer insurance
- Credit-life insurance
- Credit disability insurance
- Credit-card balance insurance
- Accidental-death insurance
- Identity-theft insurance
This will pay off your mortgage if you die, but a term life policy can cover this.
Pays off loses if your credit card is stolen, only covers a $50 loss.
Covers damage or loss of a rental car. Your own auto insurance policy or credit card may already cover it.
Pays a benefit if you die in a plane crash. Your term life will cover a plane crash. Health insurance will cover your injuries.
Pays for cancer care costs. Your health insurance probably already covers this.
Repays a loan if you die. Make sure you have enough term life to cover any loans you have.
Pays loan installments. Instead get a disability policy that will do the same
Will pay minimum credit card payments. An emergency fund will solve this.
Provides a benefit if you die in an accident. Term life will pay regardless of cause.
Covers cost of repairing your credit. Instead, check your credit report annually.
Topics: Insurance |