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Nik22
Contributor

My husband died in July of this year. He didn't leave any retirement or annuity for me. However, I am discovering that he took out at least four life insurance policies on me (which I didn't know about. The one with USAA they tell me is a "term" policy and if I don't pick up the premiums all the money he paid into the policy will be lost. I don't understand this and since I don't have any income why would I want to carry myself on a life insurance when I don't have anyone to leave it to, I can't afford the premiums and I certainly could use the money that was invested all these years.

4 REPLIES

My deepest condolences @Nik22, I can't imagine what you may be going through without your husband.  I certainly understand your concerns about the life insurance policies, I have forwarded your questions to a Subject Matter Expert to further review as well as answer any additional questions or concerns you may have.  ~ Marco

Thank you.

Contact social security- you probably are due a survivor benefit.

As a life insurance sales agent, if it is a term policy, you will get nothing back. Term policies do not generate cash value. Only whole life policies will. Term is like auto insurance, only for an emergency and nothing back when you are done paying the premium. How he "took a policy out" on you is not likely. You would have known. He could have had a spouse rider for accidental death. Either way, if he did not have insurance on himself, there is nothign coming to you. 

Life insurance on you is for your heirs. Since you have none, there is no reason to pay for a term policy. You may want to take out a small burial policy for whomever will be responsible for your belongings and arrangements after you pass if you don't have the cash to cover it.