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How Much Insurance Is Too
Much?
With all of the different offers that credit card issuers make
to their cardholders, you would think they were holding stock
in some of the insurance companies, and perhaps they are. Worse
yet is the fact that if you decline one offer, a month or so
later they are sending you another offer quite similar to the
first. Not only that, even if you accept an offer, you still
receive a similar offer to one you already accepted. It becomes
annoying after awhile, and you begin to wonder whether you have
made the right choice and whether you do need any of the
additional insurance offers that are bombarding your mailbox
and email inbox.
How do you know when to stop? The credit card issuer assures
you that this is a great deal and that you just have to have
this insurance, but you already have insurance to cover what
they are offering. At least you thought you did until they
convinced you that you need more. The truth is, you have to
decide for yourself whether you need more insurance and how
much.
Never let someone talk you into taking someone you are not sure
you’ll need or duplicating something you already have. That may
work for regular life insurance, but when it comes to credit
card insurance, you are not going to get insurance that is
going to pay you instead of the balance on the bill or
disability that will pay you in spite of the fact that another
company is already making the payments. Remember, when you
receive a phone call, the person on the other end may not even
be a staff member of the card issuer, but is a telemarketer
just looking to make a sale.
There are some cases where more insurance is good such as with
travel insurance when there is a set dollar amount on coverage.
The cardholder may have an option to increase that coverage;
however, with life and disability, there is no option for
increased coverage, so to purchase an additional policy would
be a waste of money. If you are unsure how much coverage you
will receive, take the insurance on a thirty-day trial basis,
which is often free, and use the time to review the information
that you receive and decide if you want to keep it.
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