Question: Listener asks if supplemental insurance makes good sense. Some types, according to Dave.

Dave Ramsey's advice: I like some of it, but not all. People who sell those types of products in corporate America sell things like short-term disability insurance. I would not do that. I wouldn't buy cancer insurance either. They also sell good stuff like long-term disability insurance. I would do that. You can also buy types of insurance that supplement your income if you become permanently disabled, but beware of what's out there.

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Dave reads an email with a tragic ending, and it's a solid reminder of the importance of life insurance and financial responsibility.

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Question: John is single, 54 years old and has no kids. He bought whole life insurance policies several years ago. He has 4 policies totaling $20,000. Should he stick with them since he's so far into them? Dave thinks that's a shoddy idea.

Dave Ramsey's advice: That's not enough insurance to spit at, to start with. This is a large hassle in your life, so I don't know why you'd keep it. If no one counts on you to eat, then you are self-insured, and therefore I'd get rid of this crap. Just because you've been ripped off for 20 years doesn't mean you need to keep getting ripped off. Take the money you'll get from this and run. This life insurance policy is the payday loan insurance of the middle class.

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