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Insurance is a necessary component of life.
The goal is to find the right balance of coverage and cost without falling for unnecessary extras.
GOBankingRates reached out to several insurance experts to get their take on costlyinsurance features you absolutely dont need.
One common tactic used by unscrupulous brokers that Tunis has seen is promoting plans with low deductibles.
However, these plans often come with significantly higher premiums, which can add up over time.
Its important to carefully consider your healthcare needs and budget before opting for a low deductible plan.
Cudd explained that it can be beneficial in some cases, but most likely, it wont be.
Ive seen clients pay $500/year for roadside services they never use.
Avoid it and only pay if needed.
The ADB rider only pays out if death is due to an accident, VanderVaate said.
This means the likelihood of this rider paying out is relatively low.
Adding an ADB rider to yourlife insurance policyincreases your premium.
Given the low probability of an accidental death, this additional cost might not be a wise investment.
And the odds of a total loss of your valuables in a covered event are miniscule.
Stick to baseline coverage on homes and only add additional coverage if absolutely necessary, McEachron said.
Review policy details and ask agents to explain parts you dont fully understand.
verify youre not paying for bells and whistles that provide little real value.
To avoid unnecessary charges, carefully review your policies and consult with a transparent broker.
Do your research, understand your needs and dont be swayed bypressure sales tactics.
With some informed shopping, you could get great coverage at a fair price.
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Takeaway
Finding and working with a financial advisor is a great idea.
A financial advisor will help keep track of your finances and assist you in attaining your financial goals.
Get to know your Financial Advisor options today for Free!
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