Notes

When the Best Insurance Isn't Insurance
I love the insurance business. It gives people peace of mind. It's like gambling in reverse: You released a little money, and when something bad happens, you win and the "house," (the insurance provider) loses. In my book, insurance is among the greatest industries out there.

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

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

Continue down the list -- auto, life, car -- and that's how it works.

By contrast, the chances that you will become a victim of identity theft are much larger. This year, the FTC estimates that there will be 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 greater than the odds your house will burn down.

Does anyone sell identity theft insurance? No. You understand why? Because osprey fx broker review it’s likely that against it being profitable to take action. It's like flood insurance if you live next to a river -- very hard or very expensive to obtain. So we've this tremendous threat and nothing to safeguard us from it, at the very least in the realm of traditional insurance. You can aquire fraud insurance, but not identity theft insurance.

Can you walk down a dark alley in a negative neighborhood unprotected? Needless to say not! Yet this is what we are likely to do with regards to identity theft, at least where traditional insurance can be involved.

Fortunately, there is a way to protect yourself from identity theft. Products have already been developed to 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 the products even have fraud insurance built-in!

The best part? It is possible to protect your family for under ten bucks a month!
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