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Is Phone Insurance more Vital than Life Insurance?

We spend a lot of time on Twitter (follow us @inseducation). Naturally, since we like to talk about insurance, we tend to search for the word insurance on Twitter and check out what everyone is talking about day to day, and see if we can send links to any articles that might help encourage insurance education.

We’re not surprised by much of the talk we see, and actually – it inspires a lot of the blog posts we have each week. But there is one thing that does surprise us, and we can’t understand why it keeps happening. Are you ready? Okay, here goes:

We’ve noticed that a lot of people have purchased phone insurance for their smart phones. This insurance covers lost and damaged phones and, since smart phones cost several hundreds of dollars, it certainly makes sense. But about as many people mention having phone insurance as mention not having life insurance.

Now, this confuses us. Admittedly, we are insurance geeks here, but still – it seems that insuring your life and providing a death benefit to those family members that outlive you would be at least as important as having phone insurance, if not more so. And while phone insurance is cheap, term life insurance can also be a very inexpensive way to deliver a much more substantial benefit to your heirs than phone insurance delivers when you crack the screen of your smart phone.

Phone insurance can cost about 10% of the cost of your phone – every month. Life insurance, on the other hand, can give you tens, or even hundreds, of thousands of dollars worth of protection for just a little bit more than you currently pay for phone insurance.

So if you have phone insurance, but no life insurance, why not get a quick quote for a term life insurance policy and see just how cost-effective this coverage can be?

April 22, 2011

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