I read an article, 10 insurance policies that aren't worth the money, over at Wallet Pop and I think it is definitely worth the read. Do I have some of those policies? Well, yes.
We do have insurance policies for our children. We got them now for many reasons. If you read that article, you will see the author singles out children's policies as not worth the money. Really, I think in certain circumstances it can be worth the money, provided the child can convert the policy on their own when they are of an age to do so. Our kids are under 10, but asthma runs in my hubby's family...manifesting in teen years. Asthma is a check against you when you are shopping for insurance. They are taking a chance on you and so any little negative counts against you. Since our kids are healthy now, we felt that the cost was justified.
I do have a friend who tried to shop around for life insurance for her son a few years ago. He was on medicine for ADHD and guess what? No one would insure him since he was high risk. Good luck with getting preferred rates later on!
We have also purchased travel insurance for a large trip to Disney. Location factored in as much as anything. I, personally, wouldn't shell out beaucoup bucks on a vaca to Florida during hurricane months without travel insurance.
I wholeheartedly agree about extended warranties. I don't buy them and I would never buy another furniture warranty again, but that's another story...