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3 Insurance Plans That May Not Be Useful for You

3 Insurance Plans That May Not Be Useful for You

Many people engage Insurance Services in Hialeah, Florida and purchase insurance products to protect you or those you love from unforeseen and unwanted misfortunes. Different insurance products are available for consumers according to their coverage needs.

However, with the numerous products available nowadays, there are a number of insurance plans that you may not really need at all. Some of these insurance plans include the following:

  1. Accidental Death and Dismemberment Insurance

    This is a type of insurance that pays out a certain sum to you in case your body becomes dismembered due to accidents. Such sum may be paid out to your beneficiaries in case of the insurer’s death. Circumstances do not only include the loss of body parts. They also include the loss of functions such as hearing, speech and eyesight.

    If you notice, this type of insurance is relatively inexpensive. This is because of the unlikelihood of the circumstances to happen to you. At the same time, there are exclusions for most policies of this type such as dismemberment or death due to war or drug overdose, among others. Think and review the policy carefully before purchasing an AD&D insurance policy.

  2. Life Insurance Plan for Children

    This kind of insurance may not be practical at all. A Life Insurance in Hialeah, Florida is designed to financially support the insurer’s family in case the insurer dies. Since children do not have any income, purchasing life insurance for them may be a waste of your money. Purchasing life insurance for the parents makes much more sense.

  3. Mortgage Protection Life Insurance

    This type of insurance plan ensures that the balance on your mortgage or house loan will be paid off in case you die. In case of death, the insurance company will automatically send the money to the lender, not to the family.

    You have to take note that the policy’s face value decreases due to the decrease in the borrower’s liability over time. However, the premium typically remains the same. If you are considering buying this insurance, you should review the terms of this policy carefully. It might even be better if you buy a term life insurance policy instead of the mortgage protection life insurance so your family members can receive the sum from the company and decide where to use it for.

At Amco Insurance, we offer a comprehensive range of insurance products you can purchase to protect yourself and your loved ones. We also have policies that protect your assets including auto insurance in Hialeah, Florida. Call us today to inquire about our insurance products.

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