When a parent dies, surviving loved ones may not have the resources needed to handle the end of life expenses left behind, such as medical bill, hospice care and funeral arrangements. That’s why so many people choose to buy life insurance for their parents. We are Lincoln heritage life insurance company, your No.1 resource for final expense and funeral education. I will cover the top reasons to buy life insurance for your parents and what the best policy is.
There are several reasons to buy life insurance for your parents, especially if they are financially dependent on you in anyway. If you are struggling to talk to your parents about taking out a policy for them, you are not alone. Talking with parents about life insurance and their final arrangements isn’t easy. But having this discussion can be helpful in many ways. The last years of a person’s life can be some of the most expensive, depending on their health. Parents may be placed on expensive prescriptions or medical treatments, require doctor or hospital visit or need around the clock care.
The reality of it is especially in the middle income to lower income market.
The reality of it is especially in the middle income to lower income market. The cost of dying is ridiculous. I mean the cost of long term health care, the cost of prescription drug, the cost of hospital stays. Normally most people go through all their resources, going through the dying process. So all they have left is that small life insurance policy to pay for all those funeral bills.
In addition to expensive medical bills, the cost of funeral services are more expensive than ever before. Many families underestimate just how expensive funerals can be, depending on the type of final arrangement and the items chosen for the service. Caskets alone can cost families thousands of dollars. Life insurance can help cover these costs, especially if the benefit is received quickly.
Whole life insurance is typically the best option for parents near or after retirement. These policies build cash value and don’t expire as long as premiums are paid. In most cases, they can qualify without taking a medical exam, even if they’ve had trouble qualifying in the past.
Before choosing a policy, it’s important to determine what you’ll need to cover when they’re gone. Just because the plan is cheaper on a monthly basis, doesn’t mean it’s the best policy for your situation.
For example, most people have to pay for their parents funeral and are unaware of just how expensive this can be. The average cost of a funeral can be $9,000 or more depending on the style of service. This cost may not cover additional services such as transporting the remains, the use of a funeral home for view, buying a tombstone or purchasing a burial plot.
Finally, at any dead or final expenses, your family might be left with such as unpaid medical bill. Knowing in advance, what you have to cover will help you choose the right policy. Buying life insurance for your parents is a thoughtful and caring decision. By doing so, you help ensure the funds will be there to carry out their final wishes and give them a respectable funeral.