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Is All Insurance Necessary?

By: Lee MacRae

Although it may seem strange to say, there are some days when you are really better off not buying insurance. All you have to do is make sure you know what you DO have in order to not spend money unnecessarily. Let's take a look at a few areas to help you better understand this concept.

Extended warranties on your home appliances. Quite often, the extended warranty is often a very lucrative way for the manufacturer or the store to make a lot of extra money on your purchase. Consumer Reports constantly survey tens of thousands of its readers about their purchases, repairs and extended warranties, and they find that in most cases, the extended warranty is not worth it or is at most a wash. Make sure you buying a good product with a good reliability rating and you won't need an extended warranty at all.

Identity theft insurance: with all the scare about identity theft these days, many companies have come up with identity theft insurance. The idea may be a good one, but make sure you know what you are being covered for. You may already have rights and protections under federal or state or provincial laws that will help you recover from identity theft at no cost. Just make sure you know and understand each and every one of your automatic rights under the law. Once you have a full understanding of that they can make a better decision as to whether a commercial company can offer you enough extra to make the premiums worthwhile.

Having the maximum coverage for personal injury protection on your car insurance. Check out your health insurance policy. Are you covered there? If you are covered, then you have no need to spend money on something you don't need. If you still feel you would like additional coverage then buy the minimum on your auto insurance.

Credit insurance policies are often sold along with home mortgage loans. They promise to cover the mortgage payments in case tragedy strikes the homeowner. But credit insurance policies don�t insure the full term of the loan! They usually on;y cover the first 3 to 5 years of the loan, even though your mortgage may be for 30 years! And single premium credit insurance is usuaully overpriced when compared to term life insurance.

Insurance on your outstanding credit card balances: This type of insurance coverage can be costly and there are a lot of loopholes that can trip you up long before any benefit is paid. Read the fine print...and then the fine, fine print before you take this kind of insurance.

Don't be a fool and refused to spend good money on a good insurance policy just because you're cheap. You can live to regret it. On the other hand, make sure you do spend your money wisely on insurance packages that will give you the most bang for your buck. You work hard for your money, make it work hard for you in return.

Article Source: http://www.articleresourceindex.com

Find the life insurance you and your family really need at www.find-insuranceonline.com/

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