Insurance products such as health insurance, life insurance and home ownership or tenant insurance are almost always good to buy. Apart from this large and popular category, there are many other insurance that are needed by some people or who experience certain events.
Critical illness insurance
Critical illness insurance covers several serious illnesses listed in the policy. Such diseases as stroke, heart attack, blindness, cancer, multiple sclerosis, Alzheimer's and many more.
The policy pays repayment if you meet the conditions for diagnosing the disease listed in the policy.
You can then use the money for anything, such as paying for your daily needs or medical expenses.
Unlike income disability insurance, you do not need to meet the requirements for critical illness insurance.
Unlike health insurance, you can use the money to pay for any treatment that you want or pay for a reduction and co-insurance on the treatment covered by health insurance.
You can buy an individual critical illness policy or buy from your boss as part of the benefits. Critical illness coverage can also be added to life insurance policies.
You can choose the total amount offered and the number of years you want to cover.
Emergency funds, free spending accounts and health savings can also help pay expenses when you are critically ill. Those who do not have health or disability insurance and savings can benefit from critical illness insurance.
Kidnapping insurance provides compensation for policy holders for costs related to kidnapping, such as ransom, loss of income, medical expenses, psychiatric counseling and accidental death.
People employed by - or related to - multinational companies, media organizations, universities and non-governmental organizations that routinely spend time in a country with a high risk of abduction should buy kidnapping insurance, just as important people have lots of assets.
Policyholders are required to keep their coverage confidential to avoid potential fraudulent claims.
Identity theft insurance
Identity theft insurance or identity fraud replacement programs can be included in the home ownership or tenant policy as additional insurance. You can buy a policy separately from a company that is specialized in identity theft insurance.
This insurance covers the costs associated with cleaning up the mess after your identity has been stolen, such as loss of salary, notary fees, credit report fees and certified shipping.
Some policies will cover attorney's fees, and others will handle the theft process in collaboration with credit bureaus and creditors to get false reports and bills that are removed from your account.
The policy also provides ongoing identity monitoring that can help you learn about identity theft before it becomes out of control.
This insurance can be useful or useless depending on the details of the policy and how much monitoring the identity you do to yourself.
Credit insurance is one type of insurance that you can buy from a lender or a separate insurance company to make debt payments if you die, get disabled or lose your job.
This insurance can be used to pay for car loans, mortgages, credit cards or other types of loans and installment loans.
Credit insurance can protect your credit value if the financial situation changes by preventing you from failing to pay a loan. This insurance can also help the credit and financial value of a third party borrower or customer if you cannot pay the loan.
This type of insurance may not be important if you already have life or disability insurance. In addition, this insurance is criticized because the price is more expensive than the amount of coverage provided.
If you do not have life or disability insurance, the money you enter in credit insurance will be included in one of the policies - the smallest and which you can afford.
Another thing that can make credit insurance expensive is that the borrower can put it in the loan, which means you not only pay premiums but also interest in the premium.
For a few dollars a month, cell phone insurance can be an attractive insurance to protect the latest cellphones that cost thousands of dollars.
But this insurance might have a bad deal because of the reduction you pay every time you make a claim, there are restrictions on the number of claims you submit per year.
You can buy this insurance directly from the cellphone operator or from third party insurance. Third party policies can only cover device malfunctions and damage, while operator policies tend to provide additional loss and theft coverage.
Cellphone insurance can be a good or not good choice depending on what is covered and the type of damage or loss that you expect will happen to your cellphone.
In addition, you can get an updated cellphone rather than a new cellphone if your cellphone has to be replaced based on the policy provisions.
Tenant insurance, home ownership or credit cards have provided some protection against loss, theft or damage to the cellphone.
Pet insurance can be a good choice for pet owners who breed it, who experience health problems in animals and who care for their pets as well as caring for their family members when they need treatment.
Self-insurance might be a good idea when you have a healthy pet that only requires treatment and an annual vet examination.
But it can quickly become a bad idea if your pet is seriously ill and needs hospital treatment to treat the disease. Animals like humans need expensive procedures such as echocardiograms, ultrasound, intensive care, surgery, cancer treatment and others.
Many companies provide pet insurance, the monthly premium is determined by the type of animal, age and offspring. Your pet's medical history does not have an impact on premiums, but your animal's condition was not previously covered.
Some companies allow you to buy pet insurance at any age; others have an age limit, like 10 years.
The policy will bear a certain percentage of pet bills per policy year after the policyholder meets the shortcomings. Some policies have an annual or lifetime limit for the amount of payment; while others don't.
Some policies also cover routine care if you add coverage for pet health insurance.
Congratulations! You have reached the end of the insurance instructions. You now know better about being an insurance user and are good at choosing the coverage you need (and avoiding unnecessary coverage) to ensure financial security.