Life Insurance for My Parents
Are you the adult child of elderly parents? If so, you may wonder how you can ever come up with the money to settle their finances and pay for a funeral after they pass away. Since the average U.S. funeral can cost several thousand dollars and settling estates can cost even more money, this is a reasonable concern. A senior life insurance policy might provide you with the best solution.
You can still buy life insurance for elderly parents if they are younger than about 80 or 85. Even if your parents will be covered by the policy, you can offer to pay the premiums if they cannot afford it because they live on a fixed income. Because you can purchase life insurance with death benefits from $5,000 to about $50,000, you are likely to find a plan that fits within a fairly modest budget and can help you with a variety of expenses like the cost of a funeral, debts, or even selling a home.
How Can I Buy Life Insurance for My Parents?
Clients ask the professional senior life brokers at United Life Group this question all of the time. United Life Group is one of the largest senior life insurance resources in the country, and they can provide free online senior life quotes and personal assistance. You can tell these experienced agents what you need, and they can help you find the right plan and make the process of buying coverage simple and affordable.Before you start shopping for coverage, you might have a few questions. As a convenience, United Life Group has provided some answers to frequently asked questions about buying life insurance for an elderly parent.
How to Speak with Elderly Parents About Life Insurance
You might think that it will be difficult to bring up the topic of life insurance, but most elderly parents are very concerned about leaving their adult children with the burden of paying for a funeral and settling debts. They are usually relieved and satisfied when their kids come up with a solution. This is actually a way that you can help relieve stress and take care of your parents the way that they used to take care of you.
Typically, adult children can gather the few items of information that are needed to apply for a policy. You simply need to bring this information to your parents for their approval and signature before you can submit an application. If your parent is too infirm to deal with this step, a professional insurance agent can tell you how you might proceed in an ethical and legal manner.
What are Types of Life Insurance for My Parents?
Many people associate life insurance with young parents and growing families. You might wonder what kinds of life insurance policies are available for people who are already past retirement age. You may also have concerns because your elderly parent is not perfectly healthy, and you might wonder if insurers will even accept her. Finally, you probably assume that it costs a lot of money to insure elderly people.
You can find a lot of different products on the market that have been specifically designed for senior citizens, but this outlines some typical life insurance plans for elderly folks:
- Whole life insurance: These are permanent policies that provide lifetime coverage.
- Burial Insurance: Typical death benefits range from $5,000 to $50,000.
- Health: Some policies only ask a few health questions, and some policies ask no health questions at all.
- Cost: Because these policies have fairly modest death benefits when you compare them to other kinds of life insurance, you can find plans to fit into most budgets.
Obviously, higher amounts of coverage will cost more money. As you compare costs and benefits, you are likely to find a solution that can provide the best coverage at the right cost for your own family. If you simply want to ensure that you have the cash to finance a funeral, a small burial policy with a death benefit of $5,000 to $10,000 might be adequate. If you would like to purchase insurance to settle an estate and even pass money on to the next generation, you may want several thousand dollars worth of coverage.
If your elderly parent is reasonably healthy and active for her age, she should have no problem qualifying for a larger amount of coverage. Life insurance companies know that they are selling senior life insurance policies to elderly people who may have developed some typical medical conditions as they aged. If your parent has become seriously ill, you might be limited to purchasing a smaller burial policy that guarantees acceptance to all qualified applicants. Your best option is to discuss your unique situation with an experienced senior life insurance broker.
How to Learn More about Life Insurance for Elderly Parents
You probably still have a lot of questions about buying life insurance for your parents. United Life Group provides free quotes and free consultations. These experienced and professional agents can help you compare different choices, so you can find the best solution for you, your parents, and the rest of your family. Contact United Life Group at any time for more information.