My husband is 30 years old, and already has gone through open heart surgery twice. He has $250,000 in term life insurance, which is all we can afford, but his company started offering survivor insurance. It would provide money for me and the kids over a period of years until I die or if I get re-married. He makes $60,000 a year, and the insurance only costs about $15 a month. Considering his medical history, what do you think of this idea?

Jocelyn

Dear Jocelyn,

You guys are awfully young to go through all that and be fighting those kinds of medical bills, let alone having to deal with the disease itself. God bless you both. I’m really proud of you, though, for thinking ahead and planning for the future in the midst of such difficulties.

Usually, I’m not a big fan of specialty insurance products, but your case it might be a good idea. It may be the only affordable insurance you can get. You might want to take a look at mortgage life insurance, too. It’s a rip-off most of the time, but it’s usually a guaranteed issue, meaning they’ll give it to you regardless of your health situation. Plus, it will pay off your mortgage in the event of his death. Hopefully, you won’t have to cash in anything like that for a long, long time.

- Dave