Insurance. We all wonder if it’s worth the money until something terrible happens, and then we wish we had more of it. That said, there are a few insurance policies that you probably don’t need. In fact, take the money from these insurances and invest it properly in stocks, and you could make a pretty penny towards your retirement investing!

So what insurances are unnecessary? To sum it up simply, most single-purpose insurance plans have poor return on investment (if any at all), so they are generally not worth the amount you feed into them over the longevity of the plan.

Take accidental death. The coverage will be for some means of accidental death – but many are already covered in your life insurance! Why pay twice? The same goes for dreaded disease insurance….if you have wide coverage under your term life insurance, you don’t need this second type of coverage.

Other big no-nos are extended warranties, particularly on electronics, and rental car insurance. Big box electronics shops heavily push warranties for two reasons: 1. It’s great for the company, and 2. It’s great for the employee (they get bonus cash for each warranty they sell). So you can see why the pressure is high on the buyer, you, but the reality is that most of the time the coverage in the “extended” warranty already exists under the one given to you by the manufacturer.

Similar to almost every other policy on this list, rental car insurance is a waste because 9 times out of 10 your normal car insurance covers rental cars. If you don’t have full car insurance, an umbrella plan may cover it, as well. IF you’re unsure of what your insurances cover, search the national association of insurance and financial advisors to find a certified financial advisor in your area. He or she can help you understand every detail of your existing policies, and help you set up any that you may still need.