Insurance policies that you don’t need

When people think about the benefits that come with insurance coverage, they tend to feel encouraged to take as many policies as they can. Well, it is good to be proactive. However, when it becomes too much that you end up paying for some policies that might not help you in the end. We have come up with some insurance policies that some companies offer, but then we felt they might not be necessary for you. Here are some of them:

Life insurance for children

The fundamental reason behind life insurance is so that your family can be provided for even if you die. Your children are not contributing financially to your family. If anything, a lot of money is being spent on them. Chances are also high that you can take care of them so that they have a healthy life. This means that the death of the kids is not likely to become a risk. You can use that money to pay for their education or even save it for investments under the names of your kids. It is generally a waste of time to go for life insurance for your kids.

Mortgage life insurance

Does this sound a better deal to insure? I know it does. Most people would choose to go for mortgage life insurance so that when they die, the company in question can pay for their mortgages in the way of reducing the financial burden. Well, this sounds like a good idea. However, the benefits from your life insurance should be pretty enough for your family. It is actually enough to pay for such things as mortgage and other bills. Instead of going for mortgage life insurance, it is better to settle with life insurance. (Skadeforsikring) Your family will still be financed well.

Credit card insurance

This is another cover that insurance companies will make to seem exciting to go for. Just having the provision of having your loans paid off for you when you are not in a position to pay for them feels like a smart plan. (forsikringsselskap norge) However, you should note that there is nothing you are trying to achieve. It is more like taking a loan somewhere to pay your outstanding loan. In the end, you still got debts to pay. Instead of sending your monthly premiums to pay for your insurance, you can just send the money directly to clear your credit

Specific disease insurance

This is another cover that sounds interesting to go for. We are living in a world where particular diseases are threatening us. For instance, you hear about chronic diseases like cancer, and you get scared as if you are to die tomorrow. (Ansvarsforsikring) You might end up not dying out of the specific illness that you quoted, and so your beneficiary will get nothing, and you might not have your hospital bills paid for. The best way to go is to go for life and health insurance. This way, you will get tour bills paid or your beneficiaries financed.