2017 is going to be a year of change. We have a new President, we have a new healthcare system and we may recommend that you not buy certain kinds of insurance. We will be the first to say that certain insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions.
Here are some examples of insurance products you most likely do not need to buy.
- Universal life – Typically term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
- Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
- Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
- Collision insurance on older vehicles – If your vehicle has little or no value, it is better to pocket the premium and place it into a fund for future losses.
- Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.
- Mini Storage Insurance – As long as you have homeowner’s or renters insurance you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
- Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
- Flight Insurance – This is completely unnecessary, as airline accidents are rare and your life insurance policy should already provide the coverage in the event of a catastrophe.
Insurance is designed for the accidents and unexpected events in life that are too costly to pay on your own. Call us for more information.