There are dozens of insurance options that people can purchase. Insurance is beneficial for a number of situations, but there are a variety of single-purpose insurances that are a waste of time and money for the average individual. Of course, everyone’s situation is unique so not all will apply to everyone.
Accidental Death Insurance – There are far more ways to die than the policy covers. An existing life insurance policy is far more prudent and provides better coverage.
Cancer Insurance – A term life insurance policy is a better use of your money than a policy with such narrow parameters.
Child Life Insurance – The money is better spent on a life insurance policy for you that will take care of them if you perish since there’s an extremely high probability they’ll outlive you.
Credit Car Fraud Insurance – You already have a $50 per card liability limit on purchases made with a stolen card that was enacted by the federal government.
Credit Card Insurance – Your or your spouse won’t get paid with this type of insurance, but the credit card company will. Certain terms apply, they only make minimum payments, and the cost of the insurance is based on your card balance.
Extended Warranties – Companies make a fortune on these warranties for services that are already covered by the manufacturer’s warranty.
Flight Insurance – A better option would be to spend the money on a term life policy that covers all contingencies.
Mortgage Life Insurance – The money from one of these policies goes to the mortgage company, not your loved ones.
Optional Group Life Insurance – This is great for anyone that may be uninsurable due to political, pandemic, regulatory, trade secret or reputational risk.
Rental Car Insurance – Your regular car insurance is automatically extended to a rental car if you have full coverage on at least one vehicle.
Scheduled Property – This is for valuables such as artwork and jewelry. If it’s scheduled, you get what the policy states is the value at the time the policy was made even if the property’s value has significantly more at the time it was stolen.
There are some types of insurance that everyone should have such as health, life, disability, homeowners and renters, and long-term care. To save money and have the coverage that best suits your needs, talk to an agent.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
We can be found on Social Media at the following links.