Insurance policies consumers really don’t need

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-- must have insurance for something it can be a really good way to protect yourself and your family in case disaster strikes but.

Now not every plan is worth the money in today's take charge consumer protection segment.

-- why did take a look at some of the policies.

You may not need and that could save you money.

Joining me now to help me out -- develop financial advisor -- president diversified financial consultants -- thank you.

Good morning he's doing I did I think this is a great topic has some of these insurance policies that they're selling out there I never even heard of first of -- like the one the insurance to insure your children in you know which.

Right I don't -- want to go there but.

And one of the ones I wanted to ask you about first is rental car insurance because we go to rent a car and they try to sell us five different policies in -- unanimous insist on it.

-- do you need that insurance well if you don't have any insurance at all that night I do recommend that you get -- but most of us who drive a car have auto insurance and our own vehicle.

And that policy -- she will cover your rental.

So make sure you carry a copy of your insurance carting your wallet bring it with you presented at the -- right thing I think that's one that saves money extended warranties on all the stuff we're buying for Christmas -- look -- -- huge high margin profitable centers for the -- -- Salman.

The truth of the matter is that most of the products you buy com with a manufacturer's warranty.

If something's gonna break it usually happens right away and in fact when you get that extended warranty it's after that first wanted to manufacture it gives you.

Walked and not -- -- the tip off for me is they only offer it at the time you purchase it.

You can't buy it later on or even the next day if he decides to skip that one that's gonna save money another bing bang.

Credit card insurance.

-- look at it again and he's all profit centers that companies are trying to get -- to -- a service.

But it check your credit scores he would -- use your credit cart.

In fact most of the the credit card companies are libel anyway if somebody steals your credit card and uses it so again not don't pay -- so the one that you mention about checking your credit report I'm not totally opposed to that people should check their credit report -- you into -- very -- exactly right.

Very important OK and the other one is recovering bounces you don't pay is it still limited to fifty dollars dollar credit card it's all I'm not sure not sure Erica yes -- used to be on the other one I had was and I never even heard of this one but when I did -- -- -- business I found that there is such a thing called.

Disease insurance you literally can -- cancer insurance -- heart disease insurance I mean it's insane I know this is obviously the number 12 killers in this country but the idea that you wouldn't short one singular event.

-- -- get hit by Abbas cannot covered so Michigan medical insurance is appropriate to -- life insurance to protect the family take care of that you know one other when I want to ask you that if we have time all due to.

Mortgage insurance because a lot of people now the mortgage rates are low but they can only put 10% down.

And the bank says you must buy private mortgage insurance what do we need to know about -- it's a must still if you're putting 20% or lower less.

-- the bank is gonna require you to ensure the -- -- the -- is in 2008 when we had the foreclosure problems became my company's insurance companies went bankrupt or in foreclosure so it couldn't pay off the banks.

Having said that.

-- you who.

Didn't get that -- down if the value of the property goes up and they have been starting to go back up you can cancel you have the right to can't -- PMI insurance.

Do it so don't forget that don't you react -- the rest Oregon has party mortgage payment you don't think about it OK more money folks there you go one more.

The other one is the mortgage life insurance which is a little different that's if something happens to you when you're unable to pay the mortgage -- well if you -- you you typically they sell it to you when you get the mortgage it's a little -- on now it's an extra twenty bucks a -- fifty bucks a -- what's the big -- it's really expensive life insurance so -- your own -- life insurance it's a lot less expensive.

And if you pay off the mortgage herself perhaps you can take the insurance with you.

In terms of I'm looking through some of the other notes that flight insurance.

There's that kiosk at the airport it says if anything happens via policy when -- -- a little -- -- just to think about it but.

Are those simple worth -- they're still well listen -- the air accidents do happen but we know they really are excruciatingly.

Rare.

Spice up -- good quality like insurance policy better off.

Flood insurance with the storm like we saw with sandy.

It's like in the places where -- really needed if you live on the war you can't even get that they're not writing it anymore -- if you can shouldn't you the irony here is that a lot of advice like you don't need you not enough flood zone and we found out here in New York a lot of areas that we're not a flood zone ended up getting flooded.

Ironically they do you wait the policy so if you really close the water it's up very expensive if you're further away from the water less expensive if you're in that kind of zone.

-- work and any tips Dominique when you're choosing a company hadn't told the company is going to be in business.

To pay you a claim when you need it very very difficult because of their license today you don't on the going to be license tomorrow.

But you can call your state insurance come department.

Estimate there's been complained to get -- ask what the ratings aren't that company and -- -- called -- -- company.

Or couple good qualified financial advisor.

-- to -- who joins us to very much I feel like you saved us a bundle I hope folks will take a look pay attention to the details.

Very good thanks for talking to us about this when I liked it.

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Insurance policies consumers really don’t need

Details

Clips

Take Charge with Jamie Colby

How to make low mortgage rates work for you

Preparing financially for prom season

Saving for retirement when money is tight

Extended auto loan terms could wreck your long-term budget

Maximize your home dollars

Take Charge: Job Negotiations

How to keep your education expenses under control

Tax prep before the big deadline

Protecting your retirement plan against the unthinkable

Companies targeting cell phones in 'smishing' scams

Eye-opening report on higher education in America

Protect yourself from identity theft

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