1.  Mortgage Insurance

When you purchase a house, insurance companies will try to sell you mortgage insurance. Do not buy a separate policy to cover your mortgage. Simply determine the amount of insurance (if any) that you need to protect your dependents, buy a cheap term life insurance policy and make your spouse the beneficiary.

2. Accidental Death Insurance

Death is death. Your dependents do not need more money if you die in an accident rather than as a result of an illness.  As with mortgage insurance, determine the amount of insurance (if any) that you need, buy a cheap term life insurance policy and make your spouse the beneficiary.  

3. Cancer Insurance

Since your life and health insurance will pay out regardless of the diagnosis, you do not need a special policy to cover a particular illness.

4. Credit Insurance

This pays off your credit card or consumer loan balances if you die. Since this coverage is extremely expensive, skip it and take out a low cost term policy as discussed above.

5. Children’s Life Insurance

The purpose of life insurance is providing for your dependents if you die before accumulating enough assets that you do not need life insurance.  As much as you love your children, you probably are not dependent on the financially. So, skip the policy on them. If you insist on having sufficient coverage to pay for final expenses on children, add a child rider to your own life insurance policy. It will cost less than $50 per year.

If you have any of these policies, you should seek to cancel as quickly as possible.

In order to protect your dependents, shop for the lowest premium term life insurance.

Receive low cost life insurance quotes at http://www.howtocutexpenses.com

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