Not all life insurance policies are created equal. While some play a crucial role in providing security and protection, there are also those that are completely unnecessary and only rob policy owners of hard-earned money.
In this article, we will provide you with some insurance products that you should never consider buying altogether!
- Travel or accident insurance
Travel or accident insurance simply does not make any sense. The transportation industry has immensely improved in the past few decades. Majority of us arrive at our destinations safely and without hassle. Instead of wasting your money on this type of policy, you can simply get a rider on top of your policy? If you are a high-risk client who works dangerous jobs or living a risky lifestyle, this may be a more affordable option for you.
- Whole or universal life insurance
One thing that we all need to reinforce in ourselves is that life insurance is a tool that delivers financial security for dependents. It’s never meant to be an investment in the first place. With permanent life insurance such as whole life and universal, insurers, policy owners are assessed with higher premiums regardless of their health status, age, gender, and lifestyle. What makes these insurance products more expensive is that extra money paid is being invested by the insurer. If the insurance companies fail to earn from such investments, your money doesn’t grow altogether.
Life insurance is an undeniably excellent tool to ensure that your family will have enough money for the future without you in the picture. The need for security decreases as we grow old as our careers flourish and more opportunities come our way that generate more money. With this said, term life insurance is the perfect life insurance policy for whatever your need may be!