One of the main points of this review is to basically avoid spending on "dinky" insurance. Remember that small policies are cheap because they really don't cover much in losses. The following are insurance policies or programs (by Charles Myrick of American Consultants Inc ) that are designed to take your money, but are really a waste especially during this time and age where every dollar is essential.

Dental Insurance:

Take this insurance only if your employer is basically paying for it but forget paying for it yourself. Dental insurance is basically an expensive discount plan that basically covers a few teeth cleanings a year and offers a discounted rate for the more expensive work.

Credit Life and credit disability policies:

Credit life plans consists of paying a small benefit in case the covered person has an outstanding loan. A credit disability plan pays a small monthly income in the event the insured becomes disabled. These plans are extremely expensive when compared to the small amount of insurance being bought.

Home warranty plans:

This is one that really gets my goat. Only take home warranty plans if offered and paid by the seller or the real estate agent. Forget paying for this yourself because due to the particular fees if a contractor is needed to look at a problem, home warranty plans usually limits how much will be paid. Hey it's cheaper to pay an inspector to find any potential problems before even buying the home.

Daily hospitalization insurance

This insurance pays a certain amount per day and are usually sold to older people. The money spent for these plans would be better toward a comprehensive (major medical) plan instead. The daily hospitalization plans don't cover for the extreme big-ticket expenses.

Insurance can be very useful in times of extreme emergencies but not knowing or having the right insurance can be very costly. Always take time to review or request assistance from a trained and licensed independent broker or agent before buying insurance.