Life Insurance Too Expensive
I’m 75. I had a life insurance policy for my daughter’s benefit until this past September. They were upping my payment from $54/mo to over $500/mo. I can’t afford it so I cancelled it. I want to put away money for my daughter so she will have something when I pass. I can put $150/mo into some sort of account/fund since life insurance is now too expensive. Is there some life insurance for me that would be affordable?
My daughter is 34 and is just getting back to life after being on drugs. She has been clean for about 9 years. She is about to get her Associates degree and plans to go for a certificate in addiction counseling. I am half owner of a house in HI with my sister, who lives there, so my daughter would inherit that at some point.
Your thoughts?
Thank you.
Terry Says
OK, this is not the response you were expecting. I think you should look after your own future needs financially speaking, before you worry about your daughter. It’s great that she has turned her life around, and she will have many years to prepare for her own retirement.
If you have “extra” money, then just open a “money market deposit account” in your bank, and ask them to automatically transfer $150 a month from your checking into that account. It can be used for anything. And make the account POD — payable on death — to your daughter. But don’t hesitate to use the money for your own care if you need it.
