Life Insurance for Parents
Life insurance for parents: existing, new & on the way
Life insurance for parents provides your whole family with the financial safety net needed to ensure the kids gain the best start in life.
Life insurance for parents protects a parents life and may even extend to life-changing situations. Whether you’re a new parent or the children are a little older, you should find that this is a highly beneficial plan to consider.
When people think about life insurance, they often think about themselves. In reality, though, the main reason that you’ve thought about taking out a plan is to protect those that you’d leave behind.
What are the reasons to take out a life insurance for parents?
While parents are far from being the only candidates for life insurance, they are particularly suited for a plan. After all, you cannot afford to run the risk of seeing your family suffer financially should the worst scenario ever occur. Coping with the loss is more than enough for them to handle.
Here are some of the issues that should underline the need for parents life insurance:
- Ensuring that the kids have a roof over their heads. Without insurance, mortgage and rent payments could be difficult for your spouse or their guardian to meet.
- Ensuring that the kids have a guardian at home. Without insurance, it’s likely that your partner will need to take many hours just to keep the family afloat. This will make life tougher for the whole family.
- Ensuring that your personal debts won’t become a burden on the family. Without life insurance for parents, this can cause an instant and ongoing financial problems for your surviving loved ones.
- Ensuring that your kids will maintain a good standard of living. From nutrition to clothing, the insurance package ensures that they won’t miss out on opportunities. Likewise, this will prevent some of the emotional stresses.
Essentially, life insurance for new and existing parents is your ticket to securing your family’s future irrespective of what the future holds. In truth, that emotional reassurance is hugely rewarding throughout your life too.
When should parents take out an insurance plan?
The short answer is ASAP.
If you’re an older parent, accepting that you are potentially at greater risk is essential. As such, you’ll want to take out a suitable coverage plan right away. Apart from keeping your family protected right away, life insurance for parents gives you a little longer to complete the payments. Trying to cram an insurance package into a shorter duration before retirement sees monthly premiums soar.
Life insurance for younger parents may not seem as important. Unfortunately, the harsh reality of life is that you cannot predict the future. As such, it’s always better to be safe than sorry. Besides, there’s a strong chance that you have greater financial commitments due to longer mortgage terms and other features.
Regardless of your situation, it’s worth acting while life insurance for parents is still fresh in your mind.
Which type of life insurance for parents should you choose?
There are several aspects to consider when picking an insurance package. One of the first questions you’ll need to ask, however, is whether to choose a joint policy. Here’s all you need to know about joint life insurance for parents.
Meanwhile, you’ll need to think about the level of coverage required. This decision will be influenced by many aspects. Critical illness, age of children, and living costs are just three of those issues to consider.
Life insurance for your elderly parents
Life insurance provides the whole family with security and financial protection when the time comes. Whether it’s for funeral costs, helping you pay off any debts they leave behind, or simply a financial gift for a loved one, taking out a life insurance policy for your elderly parents (aged 70 or over) is definitely worthwhile.
Taking out life insurance for your elderly parent is especially beneficial if your parent is in poor health, as acceptance onto the policy is not determined by their health or lifestyle, and they won’t be asked to undertake a medical examination.
Can I take out over 50s life insurance for my parents?
Yes. If you’ve been tasked with the job of finding a life insurance policy for your parents, we can help guide you to a policy that fits their budget and needs. Over 50s life insurance is suitable for anyone between the ages of 50 and 80 (or 85 depending on the policy) and requires no medical assessment. Over 50s life insurance is particularly beneficial if the insured person is in poor health either as a result of an underlying medical condition or their lifestyle (i.e. smoking or obesity).
You pay for the Over 50s life insurance policy in monthly instalments, and it’s paid out in one lump sum after the person passes away, providing you’ve paid into the policy for the minimum period of time set by the insurance provider. This money is often used for:
- Assistance with funeral costs.
- Help paying outstanding bills.
- A one-time, financial gift to a loved one.
Before you take out a policy for your parents, make sure you check to see what (if any) existing insurance policies they have already taken out, and what they’re looking for in a plan. It’s important to consider their budget; when discussing their options make sure you’ve all thought about a potential outstanding mortgage, any debts or loans they may need to repay, potential inheritance tax, the cost of a funeral, and whether or not they’d like to leave a financial gift to anyone after they’re gone.
How to secure life insurance for parents
Before committing to a life insurance plan, it’s essential that you find the best provider. From getting the best coverage and reassurances to seeking the right price, it’s vital that you do your research. Once upon a time, that required a lot of hard work.
Nowadays, though, it’s a simple process that starts with clicking the button below.