Insurance You Probably Don't Need

July 13, 2012 12:00 AM
Insurance You Probably Don't Need
" BOSTON (CBS) – And every time we chat about frivolous insurance I will hear from at least one listener who used their pet insurance or auto loan insurance and begs to differ with me. It does happen, but not often enough for me to make broad sweeping recommendations.

Insurance is a financial tool that is used when you don’t have enough dollars in your emergency fund to cover the loss yourself. Buying insurance is an emotional transaction. You are asking the insurance company to cover the terrible things in life that could happen to you. So it is no surprise that insurance companies have insurance for all sorts of perils. There are some policies that may not be worth purchasing.

Credit Card Loss Protection:  We all fear our credit cards or credit card numbers will be stolen because we hear so much about identity theft. But you don’t need that $200 plus a year policy to protect you. Federal law limits your losses to $50 per card. Best advice: forget it and check your free credit history to catch any problems "

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