The following are some types of insurance you might not need at all:
Identity theft insurance
These days, the possibility of having your identity stolen is a valid concern, but you still might not need an insurance policy that exclusively protects against such an incident. For the same reason that credit card fraud insurance is often unnecessary, your lenders will likely offer various types of features that will help to protect you against fraudulent activity and identity theft. You can also help to prevent a case of identity theft from escalating into something serious by regularly checking your credit report carefully for any suspicious or unrecognized activity.
This is also another type of life insurance that many financial experts will argue is not worth investing in, as deaths from accidents in general are statistically lower than deaths resulting from disease or natural cause. If you want to invest in a life insurance policy in general, explore term life options, which will kick in whether your cause of death is health-related or accidental.
This type of insurance might appeal to many due to the state of the current economy, as it’s meant to take care of the minimum payments on your loans should you get terminated from your job. However, the money that goes into this type of insurance policy could instead be used to build up your emergency fund or to pay down debt and bills, which will probably end up being more beneficial if you lose your job.
Are you experiencing a financial hardship and you need cash to take care of bills and expenses? Peachtree Financial Solutions understands and may be able to help. We offer people just like you cash now through a process known as annuity funding. If you’re receiving structured settlement payments or annuity payments, contact us today to learn how you can sell some or all of them and receive money now in the form of a lump sum.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.