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I believe it is a choice that we should all consider. Separate insurance covers different things.
For example, we are covered for lost or delayed luggage through our credit card company. We had to use that a couple of years ago when our luggage was delayed by four days. The airline sucked. I had a check from insurance company for $500 before I even got the forms from the airline. The same credit card provides for the additional insurance on rental cars, but not for trucks, SUV, of 4WD. Heck, we were sure willing to pay the additional $11 a day on a rental truck because we did not have good faith in the drivers,the rental agency (almost felt like ransom for this reason), or road conditions at our destination.
As for trip cancellation insurance, we did not routinely purchase that until my wife's parents started to suffer the ills of old age. Now, she needs the security of being able to get back home without additional cost, or to cancel a trip on short notice because of a serious illness.
As for medical and life insurance, to me it all depends on your personal situation. I carry a bunch of life insurance and have done so for a number of years. When your kids are younger and you are the main income provider in the family, plus you have a mortgage it can be a sensible choice. Now that they are gone, I can reduce the amount to ensure that my wife has enough cash when I am gone to take care of things. The requirement changes over time. For the medical side, purchasing separate insurance for each trip does not make sense in my situation. I am fortunate in that I had medical coverage on my family, and now myself, that I could carry forward when I retired from the military.
NOBODY is correct here. YOUR situation will be different from MINE. If you feel safe playing the odds, the do so. If you feel safe with insurance, then go out and get it.
For example, we are covered for lost or delayed luggage through our credit card company. We had to use that a couple of years ago when our luggage was delayed by four days. The airline sucked. I had a check from insurance company for $500 before I even got the forms from the airline. The same credit card provides for the additional insurance on rental cars, but not for trucks, SUV, of 4WD. Heck, we were sure willing to pay the additional $11 a day on a rental truck because we did not have good faith in the drivers,the rental agency (almost felt like ransom for this reason), or road conditions at our destination.
As for trip cancellation insurance, we did not routinely purchase that until my wife's parents started to suffer the ills of old age. Now, she needs the security of being able to get back home without additional cost, or to cancel a trip on short notice because of a serious illness.
As for medical and life insurance, to me it all depends on your personal situation. I carry a bunch of life insurance and have done so for a number of years. When your kids are younger and you are the main income provider in the family, plus you have a mortgage it can be a sensible choice. Now that they are gone, I can reduce the amount to ensure that my wife has enough cash when I am gone to take care of things. The requirement changes over time. For the medical side, purchasing separate insurance for each trip does not make sense in my situation. I am fortunate in that I had medical coverage on my family, and now myself, that I could carry forward when I retired from the military.
NOBODY is correct here. YOUR situation will be different from MINE. If you feel safe playing the odds, the do so. If you feel safe with insurance, then go out and get it.