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CBSMoneyWatch: The 7 Deadly Financial Mistakes

5. Not having adequate insurance/purchasing too much insurance.

Insurance is a necessary component of a financial plan. However, too often people shift from one extreme of not having enough coverage to the other, when they buy more insurance than they need. A good way to quantify your insurance needs is to use a life insurance calculator.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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