4 Insurance Policies You Don’t Really Need

4 Insurance Policies You Don’t Really Need
  • Opening Intro -

    While insurance can be incredibly beneficial, you might have more coverage than you need.

    Insurance agents can be incredibly convincing and even intimidating in the moment, but you don't want to remain laden with unnecessary coverage because of it.


By getting rid of some of those unnecessary policies, you could save yourself thousands a year. Here is a quick look at four insurance policies that you should consider dropping.

Identity Theft Insurance

Identity theft is on the rise, and that is why many people are now investing in identity theft insurance. That type of coverage will help you get back on your feet if your identity is stolen, but it isn’t very cost-efficient. With a little bit of vigilance and some planning, you should be able to avoid most digital crimes.

Your current bank or credit union might offer free identity theft protection as well. Keep track of charges to your credit card and report any that don’t match up with your own records.

Taking basic measures like these are much more cost-effective and preventative than any identify theft insurance policy that may never even need to be used.

Pet Insurance

Everyone wants to keep their pets safe, but getting insurance for your cats and dogs isn’t always a great idea. Those policies tend to be very expensive, and they only cover specific injuries and ailments.

Many veterinarians even offer their clients no-interest payment plans if they can’t afford to pay for certain treatments and surgeries upfront.

You can also set aside some of the money that you would have spent on premiums for emergency veterinarian services. By working with your vet and keeping your pet up to date on their checkups and vaccinations, pet insurance really shouldn’t become necessary and is not an effective expense.

Life Insurance

If you have recently thought to yourself that it might be time to sell my life insurance, then you should realize that you aren’t alone. Life insurance is can be important if you have multiple dependents, but those policies often last for decades. Once your children move out of the home, you should think about selling your life insurance policy for cash.

Many companies will buy up a life insurance policy for a lump sum, and you will no longer have to worry about paying your premiums after the policy is signed over. This will save you a lot of money once your children are dependent on their own livelihoods, and can give you something of a return on your investment, as well.

other valuable tips:

Maximum Personal Injury Protection Coverage

Also known as PIP policies, maximum personal injury protection coverage is designed for those who are worried about life-altering injuries. Unfortunately, many people who sign up for these policies don’t realize that they are already covered by their current insurance plans. As long as you have auto and health insurance, you probably don’t need maximum personal injury protection coverage.

Injuries that are suffered at or because of work, as well, are covered by law by your employer. If you would like to upgrade your health insurance, then you should add a long-term care rider. Beyond that, PIP policies are an unnecessary expense that you really don’t need.

Your insurance needs are constantly going to change over the years, and you should take a look at all of your policies at least once every three to four months. Keeping unnecessary insurance policies is going to cost you huge sums of money, and there are much better investments that you can make to better prepare against emergencies.

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