Insurance Products You Don’t Need To Have

The biggest motivator for insurance sales is fear of the unknown. Because we can never really tell what will happen to us in the future, many unscrupulous insurance brokers offer products to protect us from unfortunate events that hardly ever take place.

Of course, some of us will just have to deal with bad luck sometimes, but if we really examine the risks involved in certain things, we should be able to see that buying some insurance products just doesn't make sense.

1. Flight Insurance

This is definitely unneeded. While airline accidents are often catastrophic when they occur, the truth is… flying the skies is still the safest way to travel. If you already have life insurance coverage, it should be enough to cover you in the event of an unfortunate event while flying.

2. Water Line Coverage

Water companies have pushed to sell policies that will allow you to pay for the repair of the water line that runs from the street to your house. Chances are you will never use this insurance, especially if your home is new. For those of you who live in older homes, you will probably need to repair the water line, but the likelihood of such a problem is low. In any case, repair costs will probably add up to less than a few thousand dollars. The same goes for policies offered by other utility companies.

3. Life Insurance for Children

The purpose of life insurance is to provide a safety net for your dependents. Children don't have dependents to think about and, on the average.. they will grow up safe and healthy.

4. Flood Insurance

It is best to check first the natural disaster history of your area before you even think about buying this type of insurance. If there has been no record of major flooding in your town or city over the last twenty years, then chances of a flood damaging your home are almost nonexistent.

5. Credit Card Insurance

The best thing to do is to not run up your credit cards at all. Make sure you pay your full balance due at the end of each month. This will not only save you on credit card insurance, you also save up on finance charges on your debt.

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