Most recently I have been bombarded with offers from various credit card issuers for insurance programs that are "free" for the first thirty days, but you have to sign up right then.
Disability Insurance - I have heard both sides on this issue and it may or may not be something you want to consider depending upon who you work for. The disability insurance will pay minimum payments on your credit card if you are ill or unable to work for at least 30 days. (Check your policy offer for details.) If you keep a low balance-to-limit ratio this insurance might not be a bad idea. If however, you are running close to your credit limit, since the insurance only pays the minimum payments, that plus the charge for this insurance coupled with the accrued interest may cause you to go over your credit limit incurring even more costs and causing credit issues - which is what you were trying to avoid in the first place. This type of insurance might be alright if you think layoff or disability is a real threat in your life but on the average, the industry pulls in millions and most consumers never use the insurance. On the other side of the coin, all insurance is a gamble, you bet you need it and the insurance companies bet you don't.
... business training in early life should not be regarded solely as insurance against destitution in the case of an emergency. For from business experience women can gain, too, knowledge of the world and of human beings, which should be of immeasurable value to their marriage careers. Self-discipline, co-operation, adaptability, efficiency, economic management,—if she learns these in her business life she is liable for many less heartbreaks and disappointments in her married life.
—Hortense Odlum (1892–?)
Life Insurance - If you don't take any of the other insurance that is offered, you might want to at least consider this one; depending on the balances you carry. If you should die, the insurance will cover the balance on your bill as long as it's up to date and not over your credit limit. Without insurance, your creditors will attach a lien to your estate that will have to be paid before your survivors receive any of their inheritance money.
As always, check with your financial professionals before signing up for any program that impacts your financial future.
We also have to make sure our children know the history of women. Tell them the rotten truth: It wasn’t always possible for women to become doctors or managers or insurance people. Let them be armed with a true picture of the way we want it to be.
—Anne Roiphe (20th century)
Linda Adams is an innovative and seasoned facilitator & educator with more than 20 years experience designing and implementing programs for audiences of all ages. She is dedicated to helping others realize how important their credit is to every facet of their lives. You can find more credit education and information at http://www. CleanCreditQueen.com.