Notes

When the Best Insurance Isn't Insurance
I love the insurance business. It offers people peace of mind. It's like gambling in reverse: You put out a little money, and when something bad happens, you win and the "house," (the insurance provider) loses. In my own 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 they "win." The payouts will be significantly less than the premiums.

For example, there are about 400,000 house fires every year in the U.S. Appears like a lot, right? The reality, though, is that with over 100 million residences, the chances are just .4 percent that your house will be hit in a fire. If you live to 200, there is a good chance that 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 make 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 odds that you will turn into a victim of identity theft are far greater. This season, the FTC estimates that you will see over 10 million new victims of identity theft. That 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 know why? Because the odds are against it being profitable to do so. It's like flood insurance in the event that you live close to a river -- very difficult or very expensive to acquire. 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 find fraud insurance, however, not identity theft insurance.

Would you walk down a dark alley in a bad neighborhood unprotected? Needless to say not! Yet this is exactly what we are likely to do in terms of identity theft, at the very least where traditional insurance is concerned.

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

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