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Ask Dave

Husband Has Life Insurance...And Is An Alcoholic?

A listener wants to know if she must stay with whole life insurance because of her husband's problem.

QUESTION: A listener says she has a whole life policy on her husband.  He’s an alcoholic.  Will they be able to get cheaper term life insurance or does she have to keep the whole life policy?

ANSWER: In this situation, you should keep the whole life policy.  Your husband is not insurable.  You will probably not be able to get a cheaper term life policy.  In the insurance world, alcoholism is worse than having cancer.