{"id":24,"date":"2021-11-17T16:54:32","date_gmt":"2021-11-17T16:54:32","guid":{"rendered":"https:\/\/orekodo.net\/?p=24"},"modified":"2021-11-20T21:46:06","modified_gmt":"2021-11-20T21:46:06","slug":"10-types-of-insurance-you-dont-need","status":"publish","type":"post","link":"https:\/\/orekodo.net\/10-types-of-insurance-you-dont-need\/","title":{"rendered":"10 Types of Insurance You Don\u2019t Need"},"content":{"rendered":"
There are a lot of unforeseen circumstances that come with living in this world and that is why it has become crucial to insure yourself. However, do you think all insurance are needed? – Hell no.<\/p>\n
There is virtually some insurance that isn’t a good idea to subscribe to as it is a total waste of time and resources.<\/p>\n
Monies that would be paid to insurance companies that fall under this category could be channeled to your emergency fund to use if a loss occurs. Below is a list of insurance products that often don\u2019t make sense for many people:<\/p>\n
<\/p>\n
Final expense insurance<\/a> <\/span>has been defined as a whole life insurance policy that has a small death benefit and is as well easier to get approved for. In other words, Final expense insurance can also be referred to as \u201cfuneral insurance,\u201d or \u201cburial insurance.\u201d<\/p>\n With this explanation, do you think everyone needs to subscribe to this policy? – Damn no!<\/p>\n This policy has a high advertisement avenue for individuals above 50 with the notion that they are near their graves. If you have little debt and quite huge assets, don’t bother subscribing as it may become a waste of resources.<\/p>\n On the other hand, if you are indebted and want to spare your families and friends the stress of having to give you a befitting burial, then you can be part of this insurance scheme.<\/p>\n <\/p>\n \u201cYour children are not sources of income, so why do you need to insure them?\u201d<\/strong><\/em> – George Gagliardi, a CFP at Coromandel Wealth Management, in Lexington, Massachusetts, raised a good question when quizzed about the necessity of insuring one’s kids or grandkids.<\/p>\n Such insurance<\/a><\/span> is often sold as terms and has little or no cash value. Parents who are worried about the future of their kids do subscribe to them so that they would receive an amount of aid to cater for medical costs and or funeral costs should the unfortunate happen.<\/p>\n <\/p>\n\u00a02. Life insurance for kids or grandkids:<\/h2>\n
3. Disability insurance as you age:<\/h2>\n