Are you overinsured?

Geoff Kirby/PA

Many of life's curveballs are impossible to prepare for but several can be sheltered from in the form of insurance. It may not be the most exciting of financial products, but it provides a valuable safety net when unforeseen events threaten to throw our finances off track.

But in our rush to protect against the worst, many of us could be be overinsured and paying for cover we simply don't need.