10/21/2010 05:12 am ET Updated May 25, 2011

Tuition Insurance: A Waste of Money?

For just a few hundred dollars, you may be able to buy a policy that will reimburse your tuition and on-campus housing costs if your child has to withdraw for medical reasons.

After paying $25,000 for a semester of college tuition and housing, or $20,000 for a year of private school, you may be tempted to sign up. In most cases, you can do so up to the time classes begin. But the likelihood that you actually will use the insurance is pretty slim.