5 unnecessary insurance policies
Risk management is the basis of insurance. Fear of the uncertain future creates the need for financial protection against a catastrophe. However, I recently stumbled on an article that provides reasons why some types of insurance are unnecessary. Here are the five unnecessary insurance policies mentioned: 1. Mortgage insurance Instead of focusing on just paying off the mortgage, holistic coverage should be considered. In addition, most companies provide large sum discounts. There are term plans that mirror the mortgage insurance coverage, providing reducing coverage without needing you to submit mortgage documents and revising everything when you change residence. 2. Comprehensive motor insurance Most drivers opt for low excess and a comprehensive plan instead of third party plan with higher excess. With the rising cost of motor insurance premiums, it is to your benefit to do some calculation if it is worth paying both an arm and a leg for the maximum cover