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Another common misconception is that it is a good idea to buy insurance for every family member, including your children. True, life insurance for children is relatively cheap, but that is because of their minuscule mortality rates. Therefore, most of the premium for universal insurance (also called wholelife, cash-value or variable insurance) goes into a tax-deferred savings account.

However, keep in mind that most of the first year's premium goes to pay the agent's commissions. After that, expenses consume at least ten cents of each dollar. What is left earns only about that which a Certificate of Deposit (CD) in a bank would earn. And there is much more flexibility with a bank CD than life insurance.

The best way to approach the insurance issue is to insure only the heads of household who are the wage earners for the family. Inexpensive term insurance would be a better value. For example, $250 in universal insurance buys only $18,000 worth of coverage. With term insurance it would cover $250,000 worth of insurance. Then set up an automatic savings plan for your children's education.

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