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Ask Dave

Survivor Insurance

Joselyn's husband has a serious condition that makes Dave think they should take a special type of survivor insurance that his work offers.

QUESTION: Joselyn’s husband is 30 years old and has had open heart surgery twice. They have $250,000 in term life insurance. She has heard of survivor insurance, where she will get money over a period of years until she dies or remarries. Does Dave think she should take advantage of this?

ANSWER: This is all you can get, and this is good. Pick this up; it doesn’t hurt anything with what you’re facing here. You can also look to mortgage life insurance, which generally speaking is a ripoff except in your situation. It pays the mortgage off if something happens to him.