Money decisions should always be well thought and spent on the right thing, as it is always better to be secured than repenting on a bad decision. Insurance policies are in a way investment and make you feel well-secured if you buy an insurance policy intelligently.
However, buying an insurance policy can be expensive at times. So, be clear about your needs and something that comes in lavishness or can be ignored. Following are some insurance policies that you can avoid buying:
Pet Insurance – The comparison of medical treatment that a pet acquire with the cost of its insurance reveals that it is not worth to buy a pet insurance. The director of an insurance company, Bob Hunter says that in contrast with the human insurance, the pet insurance buyer also needs to pay all costs upfront and you have to wait for the repayment by the insurance sellers, as there is no co-pay system.
Trip Cancellation Insurance – If you miss your flight for some other commitment, then you will not get the compensation money, especially if you have bought an insurance policy even. The terms and conditions of insurance companies regarding trip cancellation issues are very strict. Only in case of severe health problems, injury or death can get you the money from the insurance company. So, it is always better to avoid trip cancellation policy unless you put in a lot of money on your trip.
Wedding or Divorce Insurance – If you have purchased a wedding or divorce insurance, then you will only be reimbursed with the insurance money in an extreme case of some misfortune that cancels your wedding or in any case that leads to your divorce. Due to its negative impact, it is not favoured by a majority of people and neither the financial planners keep it as an option.
An insurance consultant, Glenn Daily regards the wedding or divorce insurance as that type of insurance, without which, you can live having some good amount of money for some emergency situations, would easily foot the money that you can get in insurance for wedding or divorce.
Extended Warranties Insurance – Most of the products normally come along warranty protection from the manufacturer or from your credit card providers. So, it is an insurance policy that you could forgo, as there is a belief that products normally does not get damaged in their warranty span and if they get damaged after warranty, the cost for repairing them is almost equal to the cost of extended warranty policy.
Special Disease Insurance – SpecialInsurance for diseases like Cancer, Heart attack, etc. can be avoided as having a comprehensive health insurance will cover all these special diseases and will save your money.
Investment either in business, insurance or elsewhere is a very smart thing to do. So, you should literate yourself in order to be at the receiving end after making an investment. To help you out with that, you are advised to log on to http://www.homemony.com in order to get a detailed insight of the investment issues.