Insurance is a great way to protect yourself and the family. Not everything has to be insured, though. There are certain insurance policies that just might not be necessary. Before you get swindled into one of these types of policies, here’s what you should reconsider purchasing. 1. Accidental death and dismemberment insurance - This is something that can be covered by a term life insurance policy or a long-term disability policy. There’s probably little need to purchase a separate policy like this. If you still think you really need it, be sure to read all of the fine print and weigh the cost of the policy versus the benefits before you decide to buy.
2. Cell phone insurance - Purchasing a good case for your phone is really the best insurance you can buy to protect your phone. If you are still concerned, then you could always put the money you would have been spending on the monthly insurance policy into a savings account. If you somehow manage to find yourself in need of purchasing a new phone, you’ll have it in savings.
3. Children’s life insurance policies - It’s tempting to get life insurance for your child, but really the chances of a child dying are pretty slim and if it does happen you’ll probably be able to afford the cost of services.
A child isn’t going to have any bills to pay, so really a life insurance policy for a child is strictly for the cost of funeral. Oftentimes funeral homes will offer discounts for children’s funerals if you have a financial need.
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