The first thing you need to know about insurance is that it’s not just one thing. There are many different types of policies that you can find, and some of them might not be that important as you think. Here are some of the most common policies that you should look at closely before you sign the dotted line.
Are you under-insured or over-insured? If you’re paying for a policy you don’t need; you’re wasting money. Certain policy add-ons are unnecessary, overpriced, or even dangerous. As an insurance expert, it’s my job to tell you the truth about what you don’t need. You’re probably paying for it, and you may not even know.
Think Twice Before Getting These Polices
There’s no shortage of advice out there about what you should do to update your insurance policies. You might have heard that you should add earthquake or flood coverage or that you should switch to term life coverage. But who do you listen to? Your agent? Your family? A blog? Well, we’re here to tell you that you should be wary of all these sources of advice. Why? Because the insurance business is fat with commissions. That means that insurance agents and blogs you read could be trying to sell you on the idea of paying for extra insurance coverage that you don’t need.
Another harsh truth is that the more complicated your life, the more likely you are to face financial disaster. This is why you need to get yourself as organized as you can and start reducing your chances of an unfortunate event hitting you. A good place to start is by knowing what insurance policies you don’t need and therefore can drop.
- Cancer Insurance – As we all know, cancer is the second leading cause of death in America, but it can be avoided. Certain lifestyle changes and other actions can go a long way in decreasing your chances of getting a cancer insurance policy.
- Unemployment Insurance – There are a lot of reasons why you might not want to get an unemployment insurance policy. Maybe you hate how it doesn’t cover your gas to go to work or how it requires you to find a new job in a hurry. Maybe you don’t like how it makes you look desperate for a new job or how it makes you feel like a charity case.
- Credit Card Insurance – If you are looking for a way to avoid getting a credit card insurance policy, which is otherwise is included with your credit card. You need to know that it is not necessary. Credit card insurance is not insurance, and it is not helpful either. It may seem to be helpful, but you will find that it is not.
- Automobile Collision Insurance – The fact is, at some point or other, you will probably get involved in an automobile collision. If you are a good driver, you might never need a collision insurance policy. (Imagine that!) But if you are someone who has a hard time staying accident-free, you may want to consider purchasing collision insurance. One of the most important things to keep in mind before you make any decision about collision insurance is your driving record. Do you have a clean driving record? If so, you may not need a collision insurance policy. Having a clean driving record is one of the main reasons why some companies will lower your automobile insurance premiums.
- Mortgage Life Insurance – If you’re considering buying a Mortgage Life Insurance policy, you may want to think again. This type of policy is very expensive – and some people even pay premiums for a policy they already own. Mortgage Life Insurance can be a good idea for some homeowners who have a sizable mortgage, but it’s important to understand what a Mortgage Life policy is and how it works before you buy.
If you are buying insurance online, you should be aware that some policies may not be valid. Insurance policies are designed to protect you from unexpected financial disasters, like car accidents, theft, or major health problems. Some of these claims may not be valid because the insurance policies did not have a valid agreement between the involved parties.
You should avoid getting insurance policies if you are not 100% sure that you will follow all the conditions and rules stated in the insurance policy.
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