car-rental insurance If you have auto insurance, you're probably covered when you drive a rental. Also, some credit-card issuers automatically extend coverage for rental cars when you pay with their cards. Check with your insurer or your card issuer before you get to the rental counter.

collision insurance on an old car Cancel this portion of your auto insurance when your car is five or six years old and you've paid off any loans you borrowed to purchase it.

credit life insurance Skip this policy, which pays off your debt when you die, and instead buy enough life insurance to cover your debts as well as your income.

flight insurance This pays in the highly unlikely event that you are injured or killed in an airline accident. Life insurance is a better buy. Besides, some credit-card companies provide automatic flight insurance when you charge your tickets on their cards.

life insurance on childrenInsuring a child is a waste of money, unless you have a prodigy and are dependent on your child's income.

private mortgage insurance (PMI) If you put less than 20 percent down when you purchased your home, you're probably paying about $1,000 a year for PMI. Your lender must cancel PMI when you hit 22 percent equity in your home — but you can save $2,000 or so by canceling the policy at 20 percent.

single disease policiesThese policies pay out if you get a specific disease, like cancer. Your health insurance should cover this.