I’ve got a friend couple (61, 43) who asked me about life insurance recently, and I really didn’t know how to answer since I only had it once when I was working for a corporation and it was included in my package. I don’t have kids and my assets go to my partner on death so not something I’ve researched or have myself.
Basically they are both living paycheck to paycheck. The older has health issues including neuropathy in the feet which now prevents him from standing long term, which is what he did previously at job. He’s working to shift careers and driving Uber to pay the rent for now while he trains for a sit down career. His partner is a massage therapist who has a bad heart with a valve replaced and is on blood thinners. They like to joke about who will go first, and hence recently came to me to ask about life insurance.
My question is whether life insurance is the best route? And is there a best “kind” or way to purchase? Or would it be better to just invest the monthly amount? They are each concerned about leaving the other penniless. I know the older one will be able to take SS in a few years and there will be some survivor benefit. My instinct is that they don’t have the discipline for regular investing but that a “bill” for life insurance would be handled ok.
Talking to them reminded me just how fortunate I’ve been in my financial life. I’m grateful I’m not faced with such hard decisions any more.
Any advice appreciated thank you.
Basically they are both living paycheck to paycheck. The older has health issues including neuropathy in the feet which now prevents him from standing long term, which is what he did previously at job. He’s working to shift careers and driving Uber to pay the rent for now while he trains for a sit down career. His partner is a massage therapist who has a bad heart with a valve replaced and is on blood thinners. They like to joke about who will go first, and hence recently came to me to ask about life insurance.
My question is whether life insurance is the best route? And is there a best “kind” or way to purchase? Or would it be better to just invest the monthly amount? They are each concerned about leaving the other penniless. I know the older one will be able to take SS in a few years and there will be some survivor benefit. My instinct is that they don’t have the discipline for regular investing but that a “bill” for life insurance would be handled ok.
Talking to them reminded me just how fortunate I’ve been in my financial life. I’m grateful I’m not faced with such hard decisions any more.
Any advice appreciated thank you.
