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Senior Life Insurance - Coverage For Parents

Senior Life Insurance – Coverage For Parents

Article by Mark Prip

It is more than likely that we will outlive our parents. They are obviously older than us and so the likelihood is that they would pass on first. When they do pass on we will be struck with grief and will want to give them a beautiful funeral to have our chance to say goodbye. But with increasing costs it is harder and harder to afford the funeral that our parents deserve. There are several polices that can help us during those trying times. Even if your parents already have insurance it is sometimes necessary to buy more to cover all of the expenses.

If you consider buying a policy for your parents there are a few types out there to consider. One type that you hear about fairly often is term life insurance. Term life insurance is a type of insurance that is bought for set period or term. These terms are often between 5 and 15 years in length. Seniors who apply for term life insurance often have high premiums because they constitute a greater risk to the insurance company. Term life insurance companies sometimes offer term life insurance without the need for a medical examination but in these cases they do not offer full payout for the first 2 to 3 years of the policy in the event of death.

Another type of policy available for parents is burial insurance. Burial insurance, also known as final expense insurance, is a kind of whole life insurance that is often available to seniors. Because it is a whole life policy it carries with it a cash value that can be borrowed against in the case of an emergency. Unlike term life, burial insurance has no cutoff date and is good as long as the premiums are pain. It cannot be terminated because of age. Benefits of burial insurance do not decrease over time and your premiums should not increase.

If you do decide to pursue some type of policy for your parents it is important to examine the costs that you might be facing. A little research can give you more information about costs of a funeral. You can also discuss it with friends or colleagues who may have already faced the same thing. The last thing you want while grieving over the death of a parent is the additional worry of not being able to pay for their funeral.

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