Throughout life, your parents have always been there for you. You love your parents and you want to make sure their twilight years are the best they can be.
Part of taking care of your parents is making sure that they have the best life insurance on the market.
After all, your aging parents have probably had their life insurance for years. But it might have too much or not enough coverage!
Give yourself and your parents the peace of mind you deserve. Here’s how to get the right elderly life insurance for your parents.
Elderly Life Insurance 101
Here are a few basic things to consider while shopping around for insurance.
The price of elderly life insurance often goes up with your parents’ age.
This means that you could end up paying more for coverage as your parents get older. Get insurance for your parents as early as possible.
Some companies will accept clients as early as 50 years old.
Approval of elderly insurance is predicated on a few basic requirements.
You’ll need to answer some questions about your parents and their health conditions. Have medical records on hand if possible to make the process easier.
Aside from general health, the sex of the insured will also matter. On average, expect to pay more to insure your father.
Get your parents involved in their coverage.
After all, this is a plan for them as much as it is you. Talk to your parents about what kind of coverage they want. What they’re comfortable leaving you with is just as important as their health.
Payment can be used however the beneficiary sees fit.
Most parents will want to take out a fairly expensive life insurance plan. This will cover the cost of any final services. It will often leave the beneficiary (or beneficiaries) with extra money to use how they please.
What to Look for in a Plan
If you’re wanting elderly life insurance your parents, knowing that you aren’t paying too much is critical.
Here’s what to look for when buying a plan.
Final cost and mortgage coverage.
Burial and funeral costs can quickly add up. On average, the standard funeral costs roughly $7,000 to $10,000. Make sure your coverage includes enough to take care of such expenses.
Your parents may also have a mortgage that needs paying off. The proper policy can take care of that or any other outstanding debts your parents may have.
Only get the coverage necessary.
Yes, this seems obvious, but make sure you’re not paying too much. Only buy what’s necessary. Having too much coverage may bring you comfort, but it’ll add up.
The least you’ll want for an elderly life insurance plan is around $50,000. This will cover final expenses, as well as time off from work and travel expenses.
In order to figure out what’s appropriate, you have two options. You can either make an appointment with an agency or use an online calculator. We suggest using a live person, as they’ll be able to walk you through the variables more clearly.
If you’re shopping around for elderly life insurance, you want the best deal.
Not only for yourself, but for your parents. At Real Life Alliance, we can help protect yourself and your parents. Get in touch today for a quote!