Insurance most People can do Without!
Flight Insurance - Here's an example of impulse buying.
It's fairly cheap, but a real money maker for the insurance company. You
would have to fly every day for 26,000 years before you would be involved in a plane crash
according to some statisticians.
Service Contracts - Here's the truth.
Competition has eroded the manufacturers' / distributors' profit margin. The big
money is in the pre-purchase financing and post-purchase extended warranties.
Service contracts usually duplicate what's provided by the standard warranty. Read
the warranty first and then compare it to the Service Contract. Sometimes you can
purchase the service contract later when the original warranty expires.
Mortgage Insurance - The secret here is that life
insurance is a good deal. Things that prance around and act like them and pretend to be
"special" are not. If you are worried about burdening your heirs with
Mortgage payments, then buy straight life insurance or add to an existing policy.
Cancer Insurance - Believe it or not, 10 million
Americans are covered by some form of disease insurance. This one tends to be tilted
in favor of the insurance companies. Health Insurance will provide the same coverage
plus a whole lot more. It's the narrow focus of Cancer Insurance that makes it such
a bad deal. Some policies have a waiting period of several years. Others
require confirmation of cancer by a pathologist which is generally not practical.
Skin cancer, the most common form of cancer is often excluded.
Credit Insurance - This insurance is usually pushed on
consumers. Great deal for banks and insurance companies. Stinky deal for the
consumer. The most important thing to remember about credit insurance is that
the lender can not make you buy it and chances are, you already have life insurance and/or
disability coverage to cover the same obligation.
Private Mortgage Insurance - This insurance is not for
the customer. It's for the bank. Most lenders require it for you to get a
mortgage. But when you have 20% equity in your home, you can dump it. You'd be
amazed at how many people continue to carry this insurance and do not need to. The
bank will most likely require an appraisal before the bank will let it go. But
often, a few months of unnecessary mortgage insurance payments will usually justify the
cost of an appraisal.
Life Insurance for Children - Kids don't have debts or
dependents and therefore do not need life insurance. If you want to set up a savings
plan, look at other options.
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