How Much Is Too Much Insurance in Alberta?
Life is unpredictable, but that’s what makes it such an adventure. Any number of random events can take place at any given time, changing our lives. If we knew what each day would bring, we could effectively prepare for it.
Even though we can’t predict what the future holds, we need to be prepared for anything. The better prepared we are, the easier life will be when trouble comes.
This is why we buy insurance. Insurance protects you against loss: loss of health, loss of life, loss of property. But with all the different types of insurance out there, how can we know for sure what type of coverage we really need?
Life is short. No one wants to waste time or money. So here are a few types of policies that you may want to think twice before buying.
Fraud Insurance and Credit Cards
With identify theft running rampant, there is a fear of losing control over your various financial accounts. Credit card fraud insurance is meant to give you additional coverage in case your cards are lost or stolen and used fraudulently.
Most banks have a system for monitoring fraud, with some having proactive methods to guard against theft. It is important to research the companies you bank with and identify those with the most proactive anti-theft and fraud monitoring.
With credit card insurance, you pay a few dollars a month in case you lose your source of income. In the event of job loss, your minimum payments can be met each month. If you can stay out of credit card debt, or keep it minimal, this type of insurance is superfluous. Spend the money you would have spent on the insurance towards staying out of debt.
Your Rental is Already Covered
If you have a car, then you probably have auto insurance. Most auto insurance carriers in Edmonton offer rental car coverage for a minimal cost. Before you buy more insurance at the rent-a-car counter, check your policy to see if you are already covered.
Even if your auto insurance does not cover the rental vehicle, there are some credit card companies who will offer coverage if you charge the rental to your credit card. Make sure to double-check with your credit card company to see if you have this available to you.
Life Insurance for You and Your Kids
There is one eventuality that will befall all of us: death. Death can be a scary thing. But a well prepared, well developed life insurance policy can prevent additional pain and burden on those you leave behind. Meeting with a life insurance broker can help give you the insight into end-of-life planning.
No parent should outlive their child, and most do not. It is very likely that your children will outlive you. That being said, it’s more important to put something away for when you pass than it is to do so for your little ones.
Many people buy additional insurance because they are not familiar with the scope of the insurance they have or need. If this is you, find a qualified professional who can help you identify coverage that uniquely fits your lifestyle.