Ask Terry Questions Life insurance for person with illness.

Life insurance for person with illness.

By Terry Savage on July 22, 2019 | Insurance & Annuities

We are both retired I had a small policy thru my company which decreases each year as I have reached 66 years of age. My husband never has had a policy but insists on one now. He is 67 and has liver disease and is awaiting a transplant. What are our options?

Terry Says

I’m sorry, but you have NO options for insurance on your husband’s life.  He is already ill with a life-threatening illness.  That would be like asking about homeowner’s insurance while your house is on fire!

As for your own life, the question is: What would be the purpose of life insurance?  Do you have children depending on your income, or an inheritance?  If not, don’t pay premiums for life insurance to leave money for a beneficiary.  Keep that money to live on.



a personal
finance question