If you've seen "Groundhog Day", you will remember the insurance salesman, Ned Ryerson. (If you need a refresher, here's a link: Ryerson.) By the end of the movie, Bill Murray has bought every type of insurance Ned sells. That's a great outcome for the transformation of Murray's character. But in the real world, it's not a great result ... unless you're the insurance salesman.

Insurance is one of the most misunderstood and misused financial products I know. The right insurance is critical to your financial health. But the wrong stuff can be a waste of money. So can buying more than you need of even the right insurance. Unfortunately, not all agents have your interests at heart. So you need to be an informed buyer.

Virtually everyone needs health, home and auto insurance.You also need term life (if you have someone to protect -- a spouse or child), disability (if you are working) and umbrella liability (if your net worth is or will be significant). If you're not sure how much to buy, what deductibles to take or how to evaluate other terms, call me and I'll walk you through it. (Don't worry. I don't sell insurance.)

Be skeptical about anything else -- long-term care, annuities, whole life or universal life. With limited exceptions, they aren't worth the money or you tend to over-buy.

Take the time to figure out what you need, or ask your advisor, as long as he/she can be impartial. The unsure too often become the over-insured..