Life Insurance For Elderly Parents
Are you concerned about coming up with the money to pay for an aging parent’s funeral and settle her debts? That might sound morbid, but it is a reasonable concern. The average U.S. funeral costs about $8,000, and some funerals cost a lot more. Have you thought about ways to plan for the cost of a burial, funeral, and other expenses that tend to crop of after a loved one passes away?
It might have occurred to you to purchase a life insurance policy. The good thing about buying life insurance for elderly parents is that you can use the cash benefit for anything you need. For example, if you get $20,000 in cash from the death benefit, you can use $8,000 to finance a very nice funeral. You can take the $12,000 and use it to settle the rest of her estate. If there is any money left over, you are free to use it in any way you like.
How to Buy Life Insurance For Elderly Parents
Your parent would probably be happy to know you had some excess cash to help fund a grandchild’s education fund or even buy yourself something nice. If your loved one is still a fairly young senior citizen, you might still be able to find a term or whole life policy. You may think it is impossible to purchase life insurance for seniors, but that is not true.
Some of these term or whole life policies can still be sold to people who are 75 to 80 years old. However, if your parent has already passed 80, it can be a lot more challenging to find coverage for her. You might need to look for a burial policy. This type of life insurance for seniors is specially designed to provide coverage for people who might be too old to qualify for typical insurance policies.
These are some advantages of buying burial policies for elderly people:
- Many insurers sell life insurance for elderly parents over 80 years old, most stop at age 85.
- Burial insurance policies usually have a face value from $5,000 to $25,000.
- When the insured person passes away, the beneficiaries are free to use the cash benefit in any way that they please.
Who Pays for Burial Policies?
It might be hard to bring up the topic of burial insurance with an elderly family member. However, many older people want to plan for the expense of their funerals, and they will be relieved that you help them come up with a plan. Your aging mom or dad may be able to pay the premiums. However, a lot of seniors need to live on fixed incomes, and they do not have any extra money.
Of course, a lot of adult children are also happy to make modest monthly premium payments for their parents. This is a better option for them than having to come up with several thousand dollars after an elderly mom or dad passes away. The time right after a beloved family member dies is usually stressful enough, and nobody wants to worry about money.
Wouldn’t it be better to have the assurance that you will have cash to make all of the necessary arrangements? You need to consider the cost of the funeral and burial. You may also need to spend money to travel, make up for time lost at work, feed guests, and even transport the body to another city. It never hurts to have plenty of cash to ease the burden.
Why Not Learn More About Burial Policies?
The professional insurance agents at United Life Group understand how difficult it can be to plan for the high cost of today’s burials and funerals. Why not give them a call to learn how you can make monthly payments to purchase a policy from a highly-ranked company? If you are not sure how you and your family can cover the high cost of a funeral, this might be the perfect solution. Why not take the time to learn more today?