Do you really need life insurance for children?
Learning about insurance policies may seem about as exciting as a graduation speech, a trip to the DMV and the color beige. However, if you don't do your homework, you could get convinced to buy policies you don't need -- costing yourself a small fortune.
Many types of insurance policies simply don't make sense for folks either because they're redundant, they solve a problem that really isn't a problem or for other reasons.
Here's a list of five insurance types you could likely do without:
1. Life Insurance for Children
What it is: If a child dies, it will pay the parent an indemnity.
Why you don't need it: People buy life insurance to provide for their dependents, so it makes little sense to take out an insurance policy for kids -- since they have no dependents. According to the U.S. Health Resources and Services Administration, the death rate for children in 2010 aged 1 to 4 was 26.1 per 100,000 children. For kids aged 5 to 14, it was even lower, at 13.9 per