Discussing the need for life insurance can be difficult for parents and children – at any stage of life. However, it is imperative to do so. Many individuals are under the misguided impression that there is no longer a need for life insurance once a person has reached a certain age and no longer has dependants. This can be a mistake.
Life Insurance for an Aging Parent
If you’re caring for an aging parent, you’re likely experiencing joy as well as hardship. All too often, the children of aging parents get caught up in the day to day, and forget to plan for the future. While most older adults do not need life insurance for the traditional reasons that come to mind when we think of life insurance, there is a need. Final expenses can be exorbitant. In fact, according to the National Funeral Directors Association, the average 2012 funeral cost was between $7,045 and $8,343. If your parent is not prepared to cover this expense, you may face a very heavy financial burden. Final expense life insurance policies are designed to help solely with these costs. Available at incredibly reasonable rates, now is the time to discuss final expense life insurance.
Life Insurance for the Caregiver
As your parent’s caregiver, you have many responsibilities. Your day to day work can be difficult. Imagine what would happen if you were no longer able to care for your parent. Would they be able to afford care? If not, it’s important for you to plan for the unexpected. Carrying a life insurance policy that names your aging parent as the beneficiary, ensures that they will continue to be cared for, even if you are no longer able. While this is yet another difficult circumstance to consider, it’s up to you to care for your parent today and for the rest of their life.
At IntelliQuote, we are always happy to help aging parents and their adult children through the process of applying for and buying life insurance. Not sure how to get started? Simply complete our quote request form and receive a side-by-side comparison of the most competitive rates on the market. You have nothing to lose and only peace of mind to gain! Let’s compare life insurance rates today.
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