Some insurance not a good investment -

Insurance you want to avoid

Many insurers offer so-called "cancer insurance" plans. They're promoted as a way to fill in the gaps of a traditional healthcare plan, and help you cover the high costs of cancer treatment. 

Here's the deal, according to our money expert Nathan Bachrach: Buying a cancer insurance policy does not guarantee twice the insurance payout if you get sick.

Many basic health insurance policies already have something called a "coordination of benefits clause" that says it will not pay duplicate benefits. So anything the cancer policy covers, your regular policy will not. 

Also a negative - most of these plans do not cover skin cancer, one of the most common cancers in the United States.

Another one you should probably skip is life insurance for your kids. The whole point of life insurance is to provide for your family if something happens to you and your income is lost. Since most kids aren't big earners, it doesn't make much sense.

Some companies bill kids' life insurance policies as a way to save for college. But Nathan says there are better ways to do that, such as a 529 plan.

Copyright 2012 America Now. All rights reserved.
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