Waste Your Money on Insurance You Don't Need
gets them. Occasional phone calls from the credit card or
mortgage company offering inexpensive insurance that will pay
off your balance in the event that you die.
The sales person will try to make it sound like the deal of the
century. Just 39 cents, or less, per $1,000 you owe each
and you can wipe the slate clean for your family. Don't fall
"The key reason for life insurance is to protect your family from
financial disaster if something were to happen to you unexpectedly. A
lot of the life insurance being sold today is duplicative of the
protection you would get from a term life insurance policy," says Byron
Udell, founder and CEO of AccuQuote, www.accuquote.com,
a Web-based based company that offers free online insurance quotes.
Here are some types of insurance Udell says you should think twice
Credit life insurance - If you have a term life policy, your
beneficiary can use those proceeds to pay creditors. You
need a specific type of insurance to make sure those creditors are paid
off if you die.
Mortgage Life Insurance - It might seem like a good idea to get
mortgage life insurance to pay off your house if you die, but a term
life insurance policy will do the same thing. And, term life
insurance policies are generally less expensive than those you'd see
offered by mortgage companies. With a term life insurance
your beneficiary will get cash when you die and he/she can then decide
whether paying off the house is the right financial move at that time.
Child Life Insurance - You should also be weary of those trying to sell
you a life insurance policy for your children. Life insurance
necessary for income replacement. So, unless you're
your child for his/her income, life insurance for a child is usually
Air travel life insurance - If someone depends on you financially, then
you need life insurance to cover you no matter how you die.
life insurance will protect you if you die in an airplane crash or
Prices for term life policies have come down a lot in recent years.
Whether you're ready to start shopping around for a new
or want to look into getting one for the first time, log on to www.accuquote.com, fill out the
online forms, and get back quotes from several leading insurance
companies in a matter of seconds.
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More about life insurance around the Web:
Do I Need Life Insurance?
How Much Life Insurance Do You Need?