Your Wealth, Health, And Lifestyle Newsletter

Do You Own This Insurance Without Even Knowing It?

By Jason Markum

Insurance! It’s a real pain in the backside! Nobody wants to pay for it, but when you don’t have it and you need it things can get ugly. Seems like there’s nothing good about insurance… the premiums keep going up year after year, and it seems like you hardly ever use it, but you always have to keep paying. And then when you actually do need it, you have to jump through so many incredibly difficult hoops to get it to pay out that it’s enough to make your head spin!

There is a little bit of a gold lining though. You may have some insurance that you don’t even know about! And that is exactly what I am going to talk about in this article today.

Did you know that a lot of the times your homeowners policy will cover other things besides the house itself? It’s true. For instance if somebody gets their purse stolen, or their wallet stolen, or their car broken into while it sits at your house… your homeowners policy may cover it!

Also, many credit cards offer several different kinds of insurance that you may not know about. For instance, many times if you buy your plane ticket or your cruise ticket with your credit card, your credit card will provide you with up to $25,000 or sometimes even $30,000 in travel life-insurance. I guess that means that if you die while on the trip, your dependents will receive $30,000! Which I guess doesn’t matter so much because you’ll be dead but it’s still nice for the people you leave behind I suppose.

Many Triple A car club members receive death benefits as well as hospital benefits if they are in a car accident, which many people don’t know about I have found over the years. This sort of thing comes in handy, especially the hospital benefits, because a lot of times your health insurance has strict limits on what it will cover and what it won’t cover. Any additional insurance in this area is a huge boon in troubled times.

Many clubs that you join such as the Moose Lodge or fraternal orders such as the Masons provide life-insurance for their members, and in some cases they provide health insurance as well though this is becoming a less and less current event as time goes on and health insurance becomes prohibitively more expensive.

If you own a family health insurance policy, it may cover your grown children who are away at college. Check your specific policy to be sure. If it doesn’t, many colleges include a basic health insurance policy in your tuition payment. And often times going to the school’s medical center is cheaper than running to the doctor’s office even if your school doesn’t offer free health insurance to its students.

The point is keep your eyes open. More and more we’re seeing companies use free insurance as nice little benefits and a lot of the time they don’t do a very good job of promoting the fact that they offer these benefits. So with a little research, you can usually uncover a few gems.

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