2. Children’s life insurance: Life insurance is meant to replace a lost income. Children usually don't work so they don’t have income to replace. As a result, kids don't need life insurance. Being parents it is your primary concern to look after your child’s health and welfare, also supply them with everything that they needed. Life insurance will never come in the list of their needs, because a life insurance policy is designed to provide financial protection for an inheritor or dependents. Don’t waste your money on such policies; instead put that money aside for their future education. Life insurance is an income replacement so, unless you're depending on your child for his/her income, this insurance is unnecessary.

3. Accidental Death: Accidents happen but not often and the chances of a terrible accident are very low. You might find accidental death insurances cheaper than other policy because the companies, who sell such policies, rarely have to pay claims. Would it really matter how you died? the only thing your family would need is a coverage in your absence. Once you know how much life insurance you need, buy it. It is better to avoid such insurance policies than wasting your money on accidental death insurance.