Each Monday, The Simple Dollar opens up the reader mailbags and answers ten to twenty simple questions offered up by the readers on personal finance topics and many other things. Got a question? Ask it in the comments. You might also enjoy the archive of earlier reader mailbags . What is your take on the cost and necessity of supplemental insurance (disability, cancer, et al) from companies such as AFLAC? I purchased cancer insurance through AFLAC when I first started at my job because cancer is very prevalent in my family’s medical history, but today I realized that I’m spending $358.80/year on it and wondered if it’s actually worth it. That’s $358.80/year I could be putting towards my debt and/or emergency fund. – Joshua In situations like these, I think the real question to ask yourself is what the insurance is actually buying you. Insurance buys you two things. First, it buys you financial protection against a certain situation – in this case, cancer.

Read more here – Reader Mailbag #88