Ask Jennifer: Life Insurance

Jennifer Lane, a certified financial planner, answers NECN viewers' questions

With the open enrollment period underway at many workplaces, many have questions about life insurance.

Jennifer Lane, a certified financial planner with Compass Planning, has some answers.

Tom in Brockton asks: "Commonwealth of Massachusetts employees are in open enrollment right now. I have some life insurance through that plan, but I'm not sure it's enough. I'm single and have two teenage daughters. How much life insurance would you suggest?"

Beth in Framingham writes: "My financial planner suggested I buy $1 million in term life insurance. My employer offers two times my salary - about $150,000 - for about $10 per month. Can that group life insurance count towards the $1 million I should be buying?"

Dennis in Marshfield asks: "Are whole life policies worth it? I bought a small policy years ago as an investment for college. My kids are grown now so I'm thinking of cancelling it. Would I owe any taxes?" 

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