Five Insurance Products That Seem Like a Waste, But Aren’t

You are here: Home » MoneyTalk » Additional Topics » Five Insurance Products That Seem Like a Waste, But Aren’t
showing an information chart

When it comes to insurance, most people think of it as just another monthly expense. And if insurance is not mandated by their state, they may choose to opt out. However, there are a few insurance products that may seem like an unnecessary monthly expense but are actually pretty beneficial to have. For most people, these insurance products protect the things they use and the people they love.

There are a few common insurance products that most people know about or have, but there are others—just as useful—which aren’t as commonly used. Here are five insurance products that everyone should have, which may seem like a waste but aren’t.

Common Types of Insurance Products That Aren’t a Waste

1.    The Product of Health Insurance

Health insurance is an extremely useful insurance product to have. It can greatly cut down the expensive rising costs of healthcare in the United States. Health insurance can make healthcare somewhat affordable and can prevent a person from going into debt or jeopardizing their health. This is especially true for those who need regular medication/have chronic conditions.

Most health insurance policies will cover everything from prescriptions to hospital stays. For a small amount of Americans, their work place provides health insurance (through a deduction on their paycheck) that may be cheaper than finding a provider on their own. For those who are not provided health insurance through work, there are U.S. government programs such as Medicaid that help residents gain access to health insurance. For a couple hundred dollars a month, a person can save thousands of dollars and maintain their good health.

2.    The Product of Homeowner’s Insurance/ Renter’s Insurance

Most people do not think too much about the safety of the things inside their home, until a natural disaster or theft happens. This is where the product of homeowner’s insurance and renter’s insurance comes in. For many people who buy a home, homeowner’s insurance is a mandatory expense. And even for those who are not required to purchase homeowner’s insurance, it is a very beneficial product to have. Same thing goes for those who are renting a place.

Most homeowner’s and renter’s insurance will protect against natural disasters, fires, theft, home repairs, and liability from having guests over. Before deciding on coverage, it is important to understand more about the area that the home is in. For example, in a place that gets flooded often, adding flood protection/coverage to the policy would be a smart move. If an area is prone to theft, then it may be wise to get extended theft coverage. Having the right kind of home owner’s/ renter’s insurance can be extremely helpful to protect a huge asset in case of an emergency.

3.    The Product of Car Insurance

In many states across the U.S., car insurance is mandatory for drivers. However, there are a few states in which the product of car insurance is not mandatory. No matter what state laws say, if you are driving, it is a really good idea to look into car insurance coverage.

Car insurance protects not only the driver, but also everyone else on the road and their vehicles. If an accident happens, car insurance will cover the majority of the cost—which could add up to thousands—associated with medical bills and car repairs.

Not So Common Insurance Products That Aren’t a Waste

4.    The Product of Life Insurance

This insurance product is not often used by a lot of people unless they are older, but it may be worth looking into for young adults as well. Life insurance acts as security for family members if the insurance policy holder passes away. It can be a life jacket for family, especially if the policy holder was the main bread winner of the household.

For many Americans, life insurance is made available from their work, while others find a private lender. There are many life insurance packages out there to choose from, and lenders will give you plenty of options to help secure the future for loved ones.

5.    The Product of Disability Insurance

Disability insurance is a product that many Americans do not even know about. Disability insurance provides coverage in case a person has long-term or short-term disability. For those who work high risk jobs or are the primary bread-winner in their home, it is an extremely good idea to look into this type of insurance. It could protect you and members of your home from dealing with a financial crisis.

Additional Products/Benefits Most Insurance Types Offer

Here are a few additional products or benefits that exist in the insurance lending world:

  • Extended Coverage: For additional monthly payments, a person can get the most coverage and protection from any insurance type.
  • Bundling Discounts: The more insurance bought from a lender, usually the cheaper the cost.
  • Adjustment of Deductibles: For most insurance, the more a person raises their deductible the lower the cost of the insurance for the month.

When looking at insurance products, there are five that are definitely not a waste to have. Health insurance, home insurance, car insurance, life insurance, and disability insurance are the most important and beneficial to have and are definitely worth the costs. These five insurance products could protect you, your loved ones, and even strangers—they should be a part of every American’s safety net. No matter what type of insurance is being looked into, there are similarities in coverage and discounts that exist throughout the insurance world.

Trusted lender of over 250,000 customers2

Trusted by over 250,000 customers since 2002, we know how to do business the right way. Our US based customer service team is there for you seven days a week.

LoanMart © 2020 All Rights Reserved. Version: NMLS ID 1442517
Go To topApple Store Logogoogle play logo button


Applications submitted on this website may be originated by one of several lenders. All loans will be serviced by LoanMart. See State Disclosures for additional information.

1Loan approval is subject to meeting the lenders credit criteria, which may include providing acceptable property as collateral. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by consumer. Loan proceeds are intended primarily for personal, family and household purposes. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from LoanMart from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 2PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify the lender in writing by midnight on the third calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5Lenders recommend and encourage consumers to pay early and often and more in order to avoid additional finance charges.

If you are using a screen reader and are having problems using this website, please call 1-855-422-7412 for assistance.


Loans for certain California residents, and residents of Delaware, District of Columbia, Florida, Illinois, Indiana, Kansas, Kentucky, Michigan, Mississippi, Oklahoma, Ohio, Oregon, South Dakota, Tennessee, Texas, and Washington residents are made by Capital Community Bank, a Utah chartered bank located in Provo, UT, Member FDIC. Loans made by Capital Community Bank will be governed by Utah law and serviced by LoanMart.

†All loan applications are subject to meeting Capital Community Bank’s credit criteria, which include providing acceptable property as collateral. Consumers need to demonstrate ability to repay the loan.

To learn about vehicle secured loans made by Capital Community Bank or to submit an application, please click here or visit