Terminal Cancer and Guaranteed Issue Life Insurance

[harley]

Thanks. We really don't need life insurance anymore, but it was a futile effort trying to convince DW. I did renew with my current insurer for a decreasing term policy - same premium as now, obviously a lower death benefit, but that benefit is fixed for another 19 years, and gives a sense of relief to DW.

Yeah, I got a $.5M 30 year term life policy when I was 44. I've tried to convince DW we don't need it anymore, but she really wants to keep it. Says it makes her feel more secure. I personally think she's planning to bump me off when I'm 73 or so and can't help around the house as much anymore.

 

[Walt34]

I personally think she's planning to bump me off when I'm 73 or so and can't help around the house as much anymore.

Tell her there is usually a exemption clause in the policy that if she does that she cannot collect on the insurance. Some states make it law. Not to mention that she probably wouldn't be able to spend it anyway because she'd likely be a long-term guest of the state.

 

[Teacher Terry]

I am so sorry to hear about your wife. Both my Dad and a good friend of his were told they would not live very
long with the illnesses they had so they both took out life insurance. The friend died in 3 years and his wife collected. My Dad lived 14 years and my Mom had to make a decision to renew or not and I told her too so she would get her $ back. His quality of life was so bad that it was not a blessing.

 

[SumDay]

Snidely, I'm so sorry you are dealing with this. Prayers for you.

More than once, I have heard Dave Ramsey tell people in similar situations to take out a a mortgage or refinance & take the mortgage life they push on you.

Best of luck to you.