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I've read all the wise suggestions of reaching retirement age with adequate investment income & no longer needing life insurance to provide an income. Sadly, hubby & I don't fit into that category. Our lives did not take the path of wise planning...for which I will spare the public our poor choices & preserve some remnants of self-dignity.

Both our 20year life insurance policies are nearing expiration this month. Hubby is a veteran with 60% service-connected disability. Should I be a surviving widow...his Veteran disability income will end, and this will definitely reduce my financial outlook...to the point of probably needing to continue his life insurance policy, which is not thru the VA. Because of his longtime history of health problems, his policy was costly 20 years ago. Should I see if we can afford to continue this policy if allowed OR seek out a new one? I realize that it would be probably very costly to continue the original $100,000 policy...but even having a $50,000 policy would be some backup.

Should I pass away first, hubby would be better prepared to survive with his service-connected disability + Social Security + modest employment 401k benefits.

We receive all these mailings about life insurance, but not really sure how to proceed. Should I consult a local insurance agency OR respond to mailings OR stay with current insurance, so as to lessen chance of having to go thru underwriting, etc.

Hubby not financially interested in pursuing this concern, and I'm recovering from neurological disorder, so do not feel at my best in being mentally sharp. It all seems so overwhelming, etc.

Thanks for listening & reasonable practical suggestions would be welcome...
Apacherose
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No. of Recommendations: 3
Hello apacherose,

You write:

I've read all the wise suggestions of reaching retirement age with adequate investment income & no longer needing life insurance to provide an income. Sadly, hubby & I don't fit into that category. Our lives did not take the path of wise planning...for which I will spare the public our poor choices & preserve some remnants of self-dignity.

Both our 20year life insurance policies are nearing expiration this month. Hubby is a veteran with 60% service-connected disability. Should I be a surviving widow...his Veteran disability income will end, and this will definitely reduce my financial outlook...to the point of probably needing to continue his life insurance policy, which is not thru the VA. Because of his longtime history of health problems, his policy was costly 20 years ago. Should I see if we can afford to continue this policy if allowed OR seek out a new one? I realize that it would be probably very costly to continue the original $100,000 policy...but even having a $50,000 policy would be some backup.


It's not uncommon for people to be short of income in retirement. If you read the statistics, you'll learn that you're in good company. However, knowing you're not alone isn't much help, either.

From what you've said, it sounds like a term policy on your husband is something you must have since you'll lose benefits upon his passing. Therefore, it's worth investigating to see what's available and in your price range. There are two ways to do this.

One is to find a financial advisor to guide you in your search and help you work out a plan. But there are two problems with my advice. First, a fee-based planner may be expensive and it doesn't sound like you'd be interested. A non-fee based planner -- also generally known as an insurance salesman -- would be happy to meet with you for free and offer you options for life insurance. Remember, however, that this type of planner gets a commission on anything he or she sells, so there's not much incentive for that person to find you the lowest cost plan with the most benefits. But try asking friends and family for recommendations for an insurance person. At the very least, they can sit down with you and offer you suggestions -- and perhaps you can sit down with a few who represent different agencies so you can get a wide range of term life options.

The other path is to find a policy yourself using the internet. I did a quick search on "term life insurance for seniors" and found ample options. Here's one page to consider:

https://reviews.comparisons.org/life-insurance/

Good luck with your search, and come back to ask any questions that develop.

Warm regards,

Barbara Eisner Bayer
Home Fool
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