Your parents are growing older, life insurance is not high on their agenda, but you do it anyway. Sometimes life insurance for elderly parents just doesn’t make sense.
But why would you continue to purchase life insurance when your parents don’t even want it? There are actually several reasons that you should still be purchasing life insurance for elderly parents.
1.) Life Insurance Can Protect Your Parents’ Legacy
Legacy is defined as something handed down by the deceased to the survivors; an inheritance or heritage. One of the best ways to protect your parent’s legacy is through life insurance. If they currently have no life insurance in place and they die suddenly, there may not be much left over after debts are paid off. This can leave family members with a difficult choice to make – do they sell the family home in order to pay for funeral costs and other outstanding bills, or do they try to keep the home and live life in debt?
Having life insurance can help to protect your parents’ legacy, whether that legacy is tangible (like a family home) or intangible (like cherished memories). If something happens to your parents and they don’t have life insurance, their legacy could be at risk.
2.) Life Insurance Can Help Cover Final Expenses
Your parents may be retired now, but that doesn’t mean they won’t have any final expenses. In fact, the average cost of a funeral is over $7,000 . If your parents don’t have life insurance and something happens to them, the funeral home may want their money upfront . If your parents don’t have life insurance and they pass away suddenly , life insurance can be used to pay for final expenses.
And life insurance doesn’t only cover funerals. It can also be used to help pay for estate taxes and probate costs, outstanding debt (like credit cards, student loans, and mortgages), and other miscellaneous bills if your parents pass away unexpectedly. Having life insurance can help to cover final expenses when you need it most.
3.) Life Insurance Can Keep Your Parents Protected When They’re No Longer Here
When your parents are gone, life insurance is still needed. Life insurance for elderly parents can ensure that life insurance benefits will be paid to your family members when your parents die . The life insurance benefits can help cover things like financial obligations and outstanding bills, funeral costs, probate costs and estate taxes.
Life insurance isn’t only used to cover final expenses. It also helps to protect what remains of your parent’s legacy, whether it’s protecting their life work or the life they worked so hard to build for their family. Protecting life insurance benefits can ensure that life insurance benefits are used where they’re needed most after your parents are no longer here with you
While it doesn’t make sense for many people to purchase life insurance when they retire, it still makes sense for elderly parents. There are several reasons why life insurance for elderly parents is important, and those reasons shouldn’t be ignored. If you have elderly parents, consider purchasing life insurance to help protect them – and their legacy.