Ask Terry Questions Life Insurance Too Expensive

Life Insurance Too Expensive

By Terry Savage on July 10, 2025 | Financial Planning / Retirement

When I turned 75 last September my life insurance became too costly to continue it. It would have gone from $54/mo. to $500/mo. I had the insurance to benefit adult daughter who, due to mental health issues and recovering from opioid addiction – 12 years clean – is still not working. She has gotten her associate’s degree and I have hopes that she will be able to work in a year or two. She wants to be an addictions counselor. If I can’t find a cheaper policy is there a recommended investment fund that I could out money into monthly to at least help? I wouldn’t want her to be taxed on it until she takes it out. Thank you.

Terry Says

Whew, most people don’t need insurance after age 75 –but yours is one good reason. Unfortunately, you had term insurance — and when the term expired it became too costly.
How wonderful that your daughter is 12 years clean of addiction. But, obviously, she still needs help if she is not working. And money in her name would likely disqualify her from many benefit programs.
I can’t judge why it is taking her so long to find work, having earned her degree.
But any money you save in a bank account has to be in your name, perhaps Payable on Death to her, or set up as part of a trust with your other assets (home, or other savings).

Could I refer you to ProtectedTomorrows.com — a group that helps people plan for the future for children with disabilities. They could advise on your specific situation.

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