An insurance policy is much hated by the American citizens simply because they feel that the money spent on insurance is not worth of it; and they also do not like the fact that they have to pay the premiums for each one of them. However, many citizens have tried to choose policies from companies which offer lower premiums, owing to the pressure of the huge debts; thankfully, for a majority of the citizens, the debt relief options could take care of their financial irregularities. At the same time if we fall prey to the wrong policies it will be similar to a financial rip off. Whatever may be the case, it is important to find out about the policies which are important for you and those which do not matter. You should never buy insurance without knowing properly as to what it is that you are getting yourself into. Here’s a list of those insurance that you will need always:

• Term life insurance: This is a highly recommended option and it comes cheap; however, it is necessary to continue with the same for a period of 15 to 20 years simply because you will become self insured by then; you must not forget to include your spouse in the policy and do not fall into the trap of extra options.

• Identity Theft Protection: You can look for such policies which includes recovery services under an assigned counselor which will help you to cope up with the inconveniences that follow.

• Health insurance: This is an absolute must and should remain as the first priority for every citizen. It is worthy to secure a health insurance by shunning of other things such as a car or a holiday.

• Disability Insurance: This one is recommended as well for the bad times when you are rendered as physically unfit and unable to continue with your services.

• Auto Insurance: This is necessary for all vehicle owners as accidents are commonplace incidents. However, if you have high savings, you can raise your deductibles to lower your premium.

• Long Term care insurance: This is meant for multiple facilities during old age and includes nursing, home care and other services; but you should not try to get it before the age of 65.

Let us now have a glance of the ones which are nothing more than money wasters: 
• Credit Card protection: This is nothing more than a big fraud.

• Accidental Death: You may die under several circumstances and whatever be it, a term insurance can take care of the same.

• Pre paid burial: It is good to plan beforehand for your final journey but do not pay until the service is utilized.

• Mortgage Life insurance: It is better to add this to your term insurance rather than getting an individual one which is highly profitable for the companies that are providing the services.

• Cash Value for whole life or refund policies: It is useless to buy for these reasons as the returns are abysmally low; when you die, the company will keep the cash value and the fees that are deducted are very high.

Thus insurance should be meant for the unseen circumstances and the mishaps which can happen at any time and you may simply go bankrupt if you are not having a proper safeguard. On the other hand your money will go into waste if you end up paying for the wrong policies of protection.