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Be smart about insurance purchases

Posted On Thu, October 13, 2011

Many personal items from consumers need to be insured such as a home, car or boat, but it is important to not go overboard and insure everything in sight, according to The Wall Street Journal.

Consumers may want to look at insurance quotes for some important items, as well as for health and well-being. However, it is important to not insure something just because it has the ability to be insured, as this can become expensive and ridiculous.

While child life insurance is quite popular, it would likely be more beneficial to the family to improve upon the highest earner's life insurance plan, the news source noted. Using child insurance could be a money waster, as children in America are typically very healthy, and these insurance plans really only cover burial costs.

"If the primary breadwinner dies, the financial consequences are far more severe, and there is a greater likelihood of that happening," J. Robert Hunter, director of insurance for Consumer Federation of America, told the news source.

Another example is critical illness insurance, the news source added. This can be useful, but if a person digs deep, they may find that the options available are limited, and don't cover many illnesses. A more complete health insurance plan may be a better idea.

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