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Ask Dave

Uninsurable Mom

Denise's elderly mother has little income, bad health, and no life insurance, so she needs help with how to insure for her death.

QUESTION: Denise has a 72-year-old mom on a fixed income and she has no life insurance. What insurance can Denise get to make sure her final expenses are taken care of?

ANSWER: If your mom has health problems and is 72, general life insurance won’t be available to her. She’s not insurable. You may find a small policy through AARP or something. The per-thousand cost for that insurance will be ridiculous, but it is guaranteed issue, which means they won’t check any medical thing there. Other than that, or in addition to it, I’d build up your personal emergency fund as much as I can, then you could insure for this.