We've all bought products that come with a lifetime warranty, believing—hoping—that the "lifetime" warranty would protect us against product failure for as long as we live. But there are plenty of limitations to lifetime warranties, which don't have any uniform legal definition nationwide.

As you can see in the video, "lifetime" can pertain to the life of the original owner, the usual life of a product, or the life of, say, a vehicle if the warranty is offered on a part. The fact that parts are no longer available for a warrantied product doesn't mean the company is off the hook. It might have to repair the part or give you a replacement.

So before you buy, read the fine print, especially if you're leaning toward a product because of its warranty.

Essential information: Read "Hassle-Free Merchandise Returns" for details on the return policies of major home-improvement retailers. The report includes information on "implied" warranties.