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Ask Dave

Term Life And Life?

Tim should drop his company's life insurance once he gets a term life insurance policy.

QUESTION: Tim has $500,000 in life insurance plus $2,300 a month in family monthly income benefit through his employer.  Should he get term life insurance in addition to the life insurance he has at work?

ANSWER: You should absolutely get some term life insurance outside of your employer’s plan.  If you get diabetes or have a heart attack and leave your job, you will not be able to get life insurance.  You should also drop some of the life insurance you’re paying for through your company when you get the additional term insurance.