If you’re caring for a sick or elderly parent and worried about covering funeral costs, explore what you need to know about getting life insurance for a parent.
In 2018, about 60% of all people in the United States had some type of life insurance coverage, but many of those people didn’t believe they had enough coverage. In fact, many people reach their elder years without coverage or with coverage that won’t cover their final expenses since many people opted for term life insurance, which is less expensive than whole life.
If you are working on getting life insurance for a parent, it can be confusing. We are here to help you understand more about getting life insurance for parents. Continue reading this article for more.
Understand the Difference Between Term and Whole Life Insurance
Term insurance only lasts for a specific term. You might opt to buy this type of life insurance for a period of time while you have children at home because it is a less expensive option than whole life. If you want your benefits to last your entire life, you need whole life insurance.
Exam Vs. No Exam
Many types of life insurance require you get a medical exam before they insure you. If you are buying life insurance for an elderly parent, you might not want to go through this process. The good news is that there are plenty of companies that offer life insurance without a medical exam.
The article Top No Medical Exam Life Insurance Companies in 2020 from Simple Life Insure explains that life insurance without a medical exam is much more common and much less expensive than people think it is. Before discounting insurance without a medical exam, get a quote to see how much it is going to cost.
Can I Buy the Policy for My Parent?
When your parents need a life insurance policy, they might not be in a position where they can handle the application process on their own. If you want to buy a policy for your parents, you might have to get a power of attorney. If you don’t have a power of attorney, you can help your parent get their policy and list you as a beneficiary.
To be listed as a beneficiary on a policy, you have to prove that you’ll hurt financially when the person passes away. You should always keep in mind that you need the consent of the person that you’re trying to get life insurance on. This is to reduce the likelihood of fraud.
If you only want to buy final expense insurance, this is one type of insurance that is easier to purchase.
Getting Life Insurance for a Parent Pro Tips
Now you know more about getting life insurance for a parent. Being able to understand the process and what you need will put your mind at ease as you get what you need.
Do you want to learn more about life insurance and other topics? Keep reading this article to get the information that is important to you.