My husband is retiring from work when he turns 65 next month. He has a life insurance policy from his employer for 80,000 which he is eligible to convert but it will cost 314 dollars a month in premiums. He has had cancer, is also on Lipitor and is bipolar so applying for a new policy will involve underwriting. I want a policy which would have my son as the beneficiary in order to provide an inheritance for him. Is it worth it to try to apply for a new policy and also is a life insurance policy a good way to generate an inheritance for my 30-year-old son? Thanks.