TOP 12 WASTED INSURANCE DOLLARS

1. Identity theft insurance​
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Alternative: Protect yourself before you’re hit. Monitor your bank and credit accounts regularly. Get three free annual credit reports. If you think your identity has been compromised, place a 90-day fraud alert on your credit file.

​2. Credit life insurance

Alternative: Compare the price of term life insurance. “Regular term life insurance is usually much cheaper in the long run” 

3. Travel insurance

Alternatives: You may already be covered for some of these situations through your homeowners, life, auto or health insurance. Credit cards also may offer some forms of travel insurance, like lost luggage, theft and life coverage.

4. Children’s life insurance

Alternatives: Save for the child’s education or open an investment account for him. If necessary, you could use those funds to pay his death expenses without giving a penny to insurers. Unless the family depends on the child’s income, there’s no need to insure his or her life.

5. Permanent life insurance

Alternative: If you’re wealthy and need to leave a big chunk of money to pay your estate taxes, permanent insurance might be for you. Otherwise, it’s a dumb insurance buy because the insurer controls all the numbers and fees and misc.expenses will eat your money away. I suggest only term life insurance instead. If you are in your 80's a SPL (Single Premium Life) policy would be appropriate. Do your investing elsewhere.


6. Collision coverage on an old car

Do not, however, drop your auto liability insurance. It’s generally mandated by law, and beyond that, if you hit someone else, you’ll need it to pay the other guy’s costs.
Alternative: Put the amount of what would go to premiums into savings to buy your next car.

7. Flight accident insurance

Alternatives: Term life insurance. Also, some credit cards include flight insurance coverage when you buy a plane ticket using the card.


8. Critical illness insurance

The problem with these policies is that the insurer and you may not agree on what’s a critical illness. Definitions are very specific, and exclusions can be hidden in the policy’s fine print. Also, payout amounts shrink as you grow older.

Alternatives: If you have a qualifying high deductible health plan and the discipline to save, open a health savings account. Your tax-free savings then are available for many more types of medical care and there’s no need to meet an insurer’s definitions of illness. 

9. Rental car insurance

If you have full insurance coverage on a car of your own, you probably don’t need rental car coverage, no matter what the gal behind the rental car counter says. Go ahead and waive it.

Alternatives: Make certain you are covered under your own auto policy. Your credit card also may have coverage if you pay for the rental with the card. Finally, car rentals may be covered by an umbrella home-life-auto policy.

10. Extended warranties

Products seldom break during the two-to-three-year period after the manufacturer’s warranty and service plan expires. And the repairs can cost less than the large amounts you are paying for the warranties, according to Consumer Reports.

Stores keep 50 percent or more of what they charge for these contracts, which is a considerably larger profit margin than they make selling the product! In some cases, the salesperson also gets a hefty cut of every warranty sold.

11. Home warranties

The warranty dictates which repair company comes to your house: You don’t have any say in that. Do you have a trusted plumber, electrician or appliance service? If so, it’s another reason that a home warranty may not be for you.

12. Cellphone insurance

Premiums and deductibles are greater than the cost of replacing the phone.

Are you sure you have the right life insurance policy at the best price?Get your free assessment (855)807-2890 with Agent Randy Hoffman (TOP 5 QUOTES)
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