4. Travel and Flight Insurance

These policies are one area that may simply require you to pay a premium for insurance that overlaps coverage you already have. First, check your current health and life policies to see how incidents resulting during travel or flight are covered. More than likely there is some sort of coverage included.

You should also check with your credit card if you use a card to book tickets or arrangements. Many credit cards automatically come with some basic coverage when they are used to purchase the tickets. So this insurance is not in the must have list.

5. Life insurance for children

In general, life insurance for kids is a huge waste of money. The reason behind not to take such policies is that most children are born healthy and live a very long time. And since children don't have any income, you don't really have any reason to insure their lives, as cold as that may seem.

 Just because you don't buy insurance doesn't mean you don't love your children. It means you are smart enough to put that money to better use-like saving for a college education.

6. Whole life insurance

Life insurance is a tool, not an investment. With whole life or universal life insurance, you will pay a higher premium with the promise that the company will take those extra dollars and invest them for you. The problem is that this type of insurance is very expensive. The investments don't grow because the expenses will eat up your interest.