Notes

When the Best Insurance Isn't Insurance
I love the insurance business. It offers people satisfaction. It's like gambling in reverse: You released a little money, and when something bad happens, you win and the "house," (the insurance company) loses. In my book, insurance is probably the greatest industries on the market.

As with gambling, the chances are stacked against you. Insurance companies use complex math to help make the actuarial tables that guarantee they "win." The payouts will be significantly less than the premiums.

For example, you can find about 400,000 house fires each year in the U.S. Sounds like a lot, right? The reality, though, is that with over 100 million residences, the chances are just .4 percent your house will undoubtedly be hit in a fire. If you live to 200, there exists a good chance your home will burn down. Still, you pay $20 per month (or whatever) for fire insurance merely to protect from that small possibility. Insurance firms find out like bandits by playing those kinds of odds.

Go on down the list -- auto, life, car -- and that is how it works.

By contrast, the odds that you will become a victim of identity theft are much larger. This year, the FTC estimates that you will see over 10 million new victims of identity theft. Which means that your likelihood of becoming an ID theft victim are about 1/30 or three percent -- only about 10 times higher than the odds your house will burn down.

Does anyone sell identity theft insurance? No. You know why? Because the it’s likely that against it being profitable to do so. It's like flood insurance if you live next to a river -- very difficult or very expensive to obtain. So we've this tremendous threat and nothing to protect us from it, at the very least in the realm of traditional insurance. You can find fraud insurance, however, not identity theft insurance.

Would you walk down a dark alley in a bad neighborhood unprotected? Of course not! Yet this is what we are likely to do when it comes to identity theft, at the very least w here traditional insurance can be involved.

Fortunately, there exists a solution to protect yourself from identity theft. Products have been developed to greatly help families monitor their identities. This can be a only defense because if it happens, early detection is your best bet for fast and simple resolution. The best of these products even have fraud insurance built in!

The best part? You can protect your family for less than ten bucks a month!
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