Death is not something most people like to talk about. In fact, it is a topic that is pointedly avoided in everyday life. The thought of our own mortality can be extremely frightening. Which is one reason why people don’t end up taking care of their end-of-life admin.
It can be especially hard to broach the topic of death with your parents. After all, not only are your parents going to feel sensitive about it, but you are also deeply impacted by it. Whether or not your parents have money to leave you, you will have to deal with their estate.
In fact, if they have significant unpaid debt, you may have to pay it off. Not talking about these things can lead to a lot of strife during a period of time that is already particularly tough.
Life insurance is a factor in most people’s afterlife planning. The question of if you should get life insurance will bring up different answers for different people. Most older folks who are no longer supporting their families assume that they don’t need life insurance.
However, life insurance for elders can help pay for funeral costs as well as paying off any debts left behind. It can be a huge help to their loved ones.
If you’re trying to get life insurance for your parents, you may be wondering what is the best way to go about it. Here is what you need to consider.
In the not-so-distant past, getting life insurance was something that had to be done in person. There was paperwork to fill out, as well as the dreaded medical exam. However, in 2023, getting life insurance is a whole lot easier.
Start by looking online. Many insurers will provide quotes for you on the spot, using AI to take multiple factors into account. You can choose to go with the quote you’re given or look elsewhere. It is a good idea to have as many options as possible.
Not all life insurers today require medical exams. That said, seniors may require medicals if they are to get affordable premiums. Without the checkup, the insurer may decide that the individual is too high a risk.
Consider your parent’s age
The reality is that age does make a significant difference in this case. When someone is older than 65, getting affordable life insurance becomes a lot more difficult. Many insurers will provide term life insurance until the age of 75, but the premiums will be expensive.
The age of your parents will help you determine whether it is worth getting them life insurance. The closer they are to 75, the more you are going to pay and the less you’ll eventually receive.
Ultimately, unless they still have dependents who require the income they’re earning, life insurance may not be what they need. Even if they have debts that you may eventually have to pay off, the money you’d spend on life insurance premiums could be better used to minimize them.
Whole life insurance
The type of life insurance that you can get until the age of 75 is term life insurance. This is usually taken out by people with young families who rely on their income. It covers a set period of time (usually 20 years) and then lapses.
There is another type of life insurance that you pay indefinitely. That is whole life insurance. Whole life insurance policies can be bought for people older than 75. You will pay very high premiums, but you will get the money back in the end. That being said, it may be more worth while to put that money into a smart investment.
Getting life insurance for your parents is easier than ever, with quotes available online. However, the older your parents are, the higher the premiums are going to be.