[Cara Reynolds – SUM180 Community Manager]

I’ve heard most people need to purchase more life insurance in addition to whatever their employer includes in the standard benefits package. How have others handled deciding whether to do this, and how much extra life insurance to get?

[Veronica Combs]

I think it depends on your current situation. Do you have kids or a spouse? My husband and I got term life insurance when we had kids. If something happens to one of us, the kids’ education and other expenses will be covered. The policies expire when the kids are in their 20s – hopefully they will be paying their own way by then!

In my experience, insurance agents have tried to sell me universal life insurance, but a financial planner said we only needed term life policies. That is what we bought.

[Lisa Martin]

I know we got enough term life insurance to pay off the house if either one of us dies. Plus, my husband has a plan through work that should bury him. By getting that term life plan in our 20s, we pay less than $50 a month!