Life insurance is an investment that is vital for all of us. But it is especially important if you have elderly parents. If something were to happen to them, you need to make sure they have adequate insurance to help support their surviving loved ones.
Our insurance advisors at Windgate Insurance Agency Inc., serving the greater New Windsor, NY region, can work with you in finding the right life insurance coverage for your parents’ needs. So assuming you have their consent first, let’s look at the key aspects of life insurance you must look for when finding one for them.
Life Insurance Considerations For Your Elderly Parents
Which Type of Policy is in their Budget?
All of the different types of life insurance plans have different coverage amounts. Term life insurance only covers a specific time length and is more affordable. Whole life insurance, on the other hand, covers the rest of the person’s life and provides more peace of mind for parents with dependents. When deciding on a plan for your elderly parent, you have to first examine their budget. Could they afford the usually higher expense of whole life insurance? If high monthly premiums aren’t in their budget, perhaps a guaranteed acceptance life insurance policy might be good especially if your parent has some health issues.
What is their Current Health Status?
Another aspect to look at is how healthy your parent or parents are. If they’re dealing with health issues now or anticipate dealing with something in the future, finding the right life insurance for their needs is vital. Health issues start to develop the older they get, and they need to be prepared to cover expenses in case something happens to them. Final expense life insurance is an inexpensive plan that’s great for covering end-of-life expenses such as funeral costs.
Contact Us Today
Finding the right life insurance plan for your aging parent isn’t an easy job. For assistance in finding a good fit for their situation, contact our insurance professionals at Windgate Insurance Agency Inc. to schedule an appointment. We proudly serve New Windsor, NY and surrounding areas.