Save Your Money Be Aware Of 7 Insurance Policies

Have you ever thought of the number of insurance available? You can easily get protection from any situation you can think of. There are types of insurance policies that are valuable and important while there are others that are unnecessary. The money spent on dealing with such insurance could be used for other important expenses of daily life. It is true that you need to protect your family as a responsible individual. There are so many insurance policies available and that makes the choice difficult. Below are some insurance policies that you should never waste your money on.

Credit Card Insurance

There are many who believe that this policy will handle their credit issues when they are not able to meet their financial responsibilities. This is false as it will only pay a little of your monthly bills while the remaining builds continuously.

Flood Insurance

Unless you are living in a place that experiences frequent disaster, this is a policy worth ignoring. Again, if you are not living in a designated flood plain, this is something you should never be concerned about. You will be wasting your money.

Kid's Life Insurance

It is important to know that life insurance is not much of a concern for your child. Yes, it is true that the health status and welfare of your child are your concerns. Life insurance has been developed to avail financial cover for heirs which are not a concern in the case of a child. Therefore, keep the money to cater for the child's school fees.

Unemployment Insurance

This is a private policy that makes minimum payments on your bills when you are not working. This is a redundancy policy since it is not a beneficial one unless you are self-employed. Note that this is not a government compensation program that pays people some amount of money when they are out of work.

Rental Auto Insurance

Paying for this type of insurance is a waste of time. The reason why this is so, is your automobile insurance policy covers your rental cars. In most cases, your credit card association will provide rental car insurance for no additional charge.

Mortgage Life Insurance

This is intended to cover your mortgage in the event of your death. It would, however, be better buying a life term insurance policy that has a huge payout to cover mortgage and cater for your family in future. Consider paying few dollars more a month on the term policy instead of making two payments that would essentially cover the same.

Extended Warranties

This is nothing but a complete waste of money. Be sure that the warranty included on an item you buy is sufficient. Pay a little amount each month to look after repairs, if you are truly concerned that your DVD player or HDTV will bring you problems after purchase. Never rely on extended warranties.

Author’s Bio

Dylan is a writer who works for various insurance companies.