Does a child need life insurance? What other insurances DON'T you need?

00:00 - Intro

00:57 - Gerber Life Grow-Up Plan Lawsuit! (Story)

17:46 - Top 10 Redundant Insurance Products (Main Topic)

17:54 - #1 Whole Life For Children

20:33 - #2 Accident

22:57 - #3 Accidental Death and Dismemberment

25:33 - #4 Mortgage Life

28:56 - #5 Hospital Indemnity 

31:45 - #6 Cancer

34:20 - #7 Gap

37:03 - #8 Rental Car

38:42 - #9 Windshield Repair

40:25 - #10 Home Warranty

In today's story, Jay explores the lawsuit against Gerber Life for their Grow-Up Plan's allegedly "misleading" advertisements. What is the Gerber Life Grow-Up Plan? Why were the ads allegedly "dishonest"? What was the final verdict on the case? Did Gerber Life win or lose? What does this have to do with YOU? Find out in today's story!

The main topic is a count down of the "Top 10 Redundant Insurance Policies" that Jay does not have. You probably don't need these either... If you are looking to cut costs for your insurance premiums, consider abandoning some of these policies all together. This can be a small help or a game changer for HopeFilled FootStep #2.

As explored in the episode, insurance is intended to defer undue risk that you cannot take on yourself. If the risk is not undue, or you can handle the risk on your own, then is the insurance needed? If the insurance is redundant to another policy, but more limiting, is it needed?

Links covered in today's story:

Classic Gerber Ad: https://www.youtube.com/watch?v=LMF7nMhYwXo

Gerber Life Grow-Up Website: https://www.gerberlife.com/child-life-insurance/grow-up-plan

Dave Ramsey Blows a Gerber Gasket: https://www.youtube.com/watch?v=4c8RH0ZjftM

The Gerber Life College Plan Ad: https://www.youtube.com/watch?v=JC8eD8Af2XU

The Gerber Life College Plan FAQ: https://www.youtube.com/watch?v=LlfCNII8qFU

Business Insider on Gerber Life: https://www.businessinsider.com/gerber-college-savings-plan-2014-6

The Gerber Life College Plan Website: https://www.gerberlife.com/saving-for-college/college-plan

The Ring of Fire Gerber Life Lawsuit Coverage: https://www.youtube.com/watch?v=sAdMC9dhGLk

Westlaw Today Judge's Verdict: https://today.westlaw.com/Document/I344b262d76f411ebbea4f0dc9fb69570/View/FullText.html?transitionType=Default&contextData=(sc.Default)&firstPage=true

Links covered in today's main topic:

Business Insider on Cild Life Insurance 1: https://www.businessinsider.com/personal-finance/life-insurance-for-children?op=1

Business Insider on Cild Life Insurance 2: https://www.businessinsider.com/do-children-need-life-insurance-2014-6

Policygenius on Accident Insurance: https://www.policygenius.com/disability-insurance/what-is-accident-insurance/

Nerdwallet on Accidental Death: https://www.nerdwallet.com/article/insurance/life-insurance-accidental-death

USAA on Mortgage Life Insurance: https://www.usaa.com/inet/wc/advice-insurance-a-guide-to-mortgage-life-insurance?akredirect=true

Forbes Asvisor on Hospital Indemnity Insurance: https://www.forbes.com/advisor/health-insurance/hospital-indemnity-insurance/

HealthInsurance.org on Cancer Insurance: https://www.healthinsurance.org/supplemental-products/cancer-insurance/#:~:text=How%20does%20cancer%20insurance%20work,use%20as%20they%20see%20fit.

Nerdwallet on Gap Insurance: https://www.nerdwallet.com/article/insurance/gap-insurance

Car and Driver on Rental Car Insurance: https://www.caranddriver.com/car-insurance/a32500214/should-i-get-rental-car-insurance/

Forbes Advisor on Windshield Insurance: https://www.forbes.com/advisor/car-insurance/windshield-repair/

US.News on Home Warranties: https://www.usnews.com/360-reviews/services/home-warranty/how-does-home-warranty-work

Please don't forget to like, share, and subscribe! Doing so helps us grow and share HopeFilled financial wisdom. We release a new episode every Tuesday! Subscribe if you don't ever want to miss an episode! You can submit a question on our website (hopefilledfinancial.com) or message us on Facebook (@HopeFilledFinancial).

Disclaimer: This podcast serves as educational entertainment only. Any and all opinions relating to real estate, law, taxes, insurance, and/or securities investing that may be contained within this podcast should not be interpreted or implemented as recommendations nor advice. The opinions related to these topics – especially those regulated by state and/or federal entities – should never be taken as replacement for advice from a competent, licensed professional. HopeFilled Financial Coaching is not liable for any individual acting on any understanding of topics directly or indirectly related to real estate, legal practice, taxes, insurance, or investing even if an individual in question changed their understanding after listening to this podcast. All listeners are entirely responsible for seeking advice from licensed professionals before taking any action of their own.

Our Website: HopeFilledFinancial.com 

Music: "Take Me Higher" by Jahzzar

Music Copyright License: This music is licensed under the Creative Commons Attribution-ShareAlike 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA.