Avoiding Some Insurance Plans
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We all know that we should have Insurance Policies for all of us especially Life Insurance, Health Insurance, and Automobile Insurance but there are some Insurance Policies that I believe are something you should Avoid so today let's talk about these Insurance Policies that are better to AVOID.
HOME LOAN INSURANCE
This is something not a lot of Insurance Providers do but still, there is a chance that when you go to a Bank for a Home Loan and your Loan gets Approved you might as well be signing up for an Insurance Plan with them whose premium is added to the Loan EMI. This is something that you definitely do not need plus it is also something that is being done without your Knowledge so the next time you see an Insurance Pamphlet with your Home Loan Documents please double-check to see if they are sneakily added to an Insurance Plan or not.
TRAVEL INSURANCE
Usually, when you travel via Air or Railways a small payment for Insurance is deducted including the Ticket Price and most of us opt for the Insurance including me but you can opt-out of it as well if you already have an Insurance Plan that covers Accidents, So this one might be up to your Preference rather than just simply avoid.
CREDIT CARD INSURANCE
This is something that I have very low knowledge about but as far as I know, this is an Insurance Policy that comes with your Credit Card and you have to pay a nominal charge to activate this Insurance which will apply when you have met with some accident and are unable to pay your Credit Card Dues in Time or your Credit Card is stolen and some other Similar Situations. So I avoid this one because my usual Term Insurance Plan covers all and if my Card is Stolen I can quickly deactivate my Card with one click of a Button from my Smartphone or any other Internet Portal. So I avoid this Insurance Plan.
These are the three Insurance Plans that I avoid and I am ok with doing that as my General Term Insurance Plan covers all so what Insurance Plans do you have and what Plans do you avoid?
Please do comment about them.
As of now in the market there are so many insurance plan and their types so we need to choose the ones which is really needed for us and it's really slightly difficult decision to decide which one to choose and which one to leave. Credit card insurance is something that I don't think is a required because we can control are you spend and for that there is no reason to pay a premium on that.