Insurance Policies You May Not Need

While insurance is something that may make the average person sleep better, there are a number of insurance policies which may not be all that necessary to have. For example, collision insurance on an older car may be a waste of money when you consider the actual value of the vehicle and the amount of the deductible.

Consumer Reports also suggests that there are a number of other insurance policies that may be unnecessary if you already have life, health, disability, homeownersí, and auto insurance. These "unnecessary" policies include: Mortgage life insurance (term life is far less expensive); Credit-card-loss insurance; Car rental insurance; Flight insurance (term life will cover you and health insurance will pay medical expenses); Cancer insurance; Credit-life insurance (simply make sure your term life policy includes enough coverage); Credit-disability insurance (include sufficient coverage in your disability policy); Involuntary unemployment insurance (simply create your own emergency fund to cover 3 to 6 months of your expenses); Accidental-death insurance (term life pays regardless of cause of death); Identity-theft insurance (check your credit report regularly).

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