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Introduction

Everyone knows that you need car insurance, health insurance, and maybe even a little umbrella coverage in case the unexpected happens. But did you know that there are some types of insurance that you don’t even need?

Here’s how to tell if you have too much (or too little) coverage:

Life insurance

If you’re not married and don’t have children, life insurance isn’t necessary. If your family depends on your income, then it may make sense for them to buy a policy that would pay out in the event of your death. But if not? You can keep more money in their pockets by keeping the cash in theirs instead of paying premiums to an insurance company.

Life insurance premiums are also notoriously expensive–you might be better off investing that money instead of spending it on an unnecessary expense like this one! And while most people think they’ll never need their policies (and therefore never use them), studies show that only about 5% actually collect on their policies after buying them–the rest lose out big time by paying thousands upon thousands over time without getting anything back from those payments except interest (which isn’t guaranteed).

Pet insurance

Pet insurance is a type of product that can be added to your existing health insurance plan. It’s meant to cover the cost of medical care for your pet, but this isn’t always necessary. Pets are not replaceable like humans are, so it may seem like a good idea at first glance. However, there are several reasons why pet insurance isn’t always necessary:

  • Pets don’t tell us when they’re in pain or need medical attention like humans do. In fact, most pets won’t show any signs until something is seriously wrong with them! If you want to be sure that your pet gets regular checkups and stays healthy enough to live out its full life expectancy (which could be anywhere from 10-20 years), then by all means go ahead and visit the vet regularly–but don’t waste money on unnecessary coverage just because everyone else has it too.*

Sometimes, you can be over-insured.

If you’re young and healthy, life insurance is likely a waste of money. It’s also not a good idea to buy health insurance for your pet if he or she is young and healthy.

If you have a pet that needs medical care, consider buying pet health insurance instead of general health insurance for yourself–the premiums are much lower than human plans and can be used toward whatever treatments are needed by Fido or Fluffy (assuming they don’t get sick too often).

Conclusion

While these are both types of insurance you should consider, they aren’t the only ones. If you’re looking for more information about what kind of insurance would be right for your situation, we can help!

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