Life Insurance for Elderly

 

   
       
 
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How Do I Buy Life Insurance for My Elderly Parents?

Life Insurance for Elderly ParentsDo you need to buy life insurance for your elderly parents?

Maybe you realize that your parents have no coverage or there is not enough. If you are concerned about the costs you may incur when your parents pass on, then it is a great idea to make the move to get an affordable policy to cover the costs of their funeral and final expenses. In most cases, this is easy to do and provides peace of mind for everyone.

Do My Parents Have to Be Involved In the Process?

The answer to this is yes. First, in order for you to obtain an insurance policy on one or both of your parents, a company will look to see if there is an insurable interest between the insured (your parent) and the owner or payor of the policy (a child or another loved one). An insurable interest simply means that a person would suffer a financial or other kind of loss upon the passing of the insured.

In most situations, the passing of a parent or loved one means that there are burial costs and other final expenses that must be handled. If an elderly parent or other loved one does not have enough life insurance coverage, or none at all, then that can leave a considerable financial burden on their close relatives, so there is definitely an insurable interest there.

Second, when you apply for coverage, your mother and father will need to know that you are setting up a policy on their life. They will need to answer all of the health questions on the application and sign it as well. If the insurance carrier requires a phone interview then your parent will have to be present for that too. If you are going to be the one paying the premiums, then your signature is required on the application as the payor.

Learn more about coverage options below or get a quote now and compare rates from several companies that offer competitive rates for elder life insurance coverage.

Life Insurance Options for Your Elderly Parents:

  1. Immediate Benefit Burial Insurance (for those in good health)
    - Whole life insurance
    - Premiums remain level for the life of the insured
    - No medical exam is necessary
    - The policy builds cash value over time
    - Coverage starts from day one
    - Coverage cannot be cancelled as long as premiums are paid
    - Proceeds can be used for burial costs as well as other expenses
    - Read more about immediate benefit coverage
  2. Graded Benefit Burial Insurance (for those with health problems)
    - Whole life insurance
    - Premiums remain level for the life of the insured
    - No medical exam is necessary
    - The policy builds cash value over time
    - Death benefit is not fully payable until year three
    - Coverage cannot be cancelled as long as premiums are paid
    - Proceeds can be used for burial costs as well as other expenses
    - Read more about graded benefits
  3. Term Life Insurance (for those in good health)
    - Temporary insurance coverage that lasts for a certain term (5, 10, 15 years, etc.)
    - Premiums increase at the end of the term
    - Coverage will last until age 90 or 95, depending on the company qualified for
    - Convertible to whole life insurance
    - A medical exam may be necessary
    - Not recommended for burial expenses because coverage is not guaranteed to last

Get A Quote for Your Parents Today - It Only Takes A Minute

The first step when shopping for a poicy is to shop around and compare rates. You can get a free quote from life insurance companies who specialize in coverage for seniors and the elderly. It is best to compare multiple rates from top carriers, which ensures that you get the best rate possible.