Tips on getting life insurance for your parents
Introduction
Even if you are an adult, the death of your parent can prove emotionally overwhelming in addition to being a significant financial burden. Even if you are self-sufficient, you are likely to find yourself overwhelmed by your parents’ debt and funeral expenses. You may find yourself looking for an opportunity to make up for the lost productivity while grieving. Therefore, taking out life insurance for people over 60 is a major financial decision.
Tips to make when making this valuable financial decision include
Discuss your intentions with your parents
Take the time to talk with your parents about your intentions for purchasing insurance. Some of the states expect the children to receive consent before taking out an insurance policy for their parents. Even where this is not required by the law, it is important to gain the knowledge and support of the parent to ensure the entire process moves smoothly.
Gather information for the policy
Next, you need to work with your parents to gather the necessary information that you will require to apply for the policy. Some of this information includes the Social Security number, necessary contact information, contact information for their doctors, driver’s license number and the general medical history. The insurance company to facilitate insurance quotes will use this information.
Determine the budget
You need to evaluate your finances as well as that of your parents to determine how much coverage to take out. For parents who have a large debt, you can consider taking up a policy that adequately covers the debt. Furthermore, you can opt for a policy that is about twice the amount that you are likely to spend on the funeral and burial. This will make sure the funeral is adequately covered into the future while some money will be left to assist the family with other related expenses.
Choose the right policy
You need to decide between whole life and term insurance. The whole life policy offers benefits for the entire life of the policyholder while the term insurance covers the parents over a set period. If your budget is limited, you can consider applying for the term insurance. However, older parents above the age of 60 and who have medical problems may discover the whole life policy is less expensive. You can click here for you to find the most affordable life insurance.
Meet with the company’s representatives
Meet with the representatives of your insurance company and that of your parent. In each of these cases, you stand to qualify for multiple discounts – shop between the companies to discover the best deals.
Bring documents to the parents for signing
Bring the necessary documents that require signing to the parents. The medical information forms, for example, will require the signature of the parent, even where you are paying for the policy and taking responsibility.…
n payment at the time the insurance is needed. If you have no money to pay for the insurance deposits, then you can request for this offer. Most of the time this offer is only available in selected insurance companies.
In case your driving record is not impressive, the insurance providers may not allow you a break up of your down payment. In some cases, your application for no down payment auto insurance may also be rejected. But if your driving record is up to the mark, then you can work out various deals with your insurance provider and can haggle over the down payment as well as the monthly amount.
factors including rates and subsequent quotes. There are numerous variables to keep your plans. After getting an insurance broker you should avoid the urge to accept the cheapest quote until you are extensively informed of what it entails and what you are getting for your money. Do not jump the broom and accept a cover merely because it is cheap. Ensure that it is the quality that you require. You could be guided by the following tips;
the bigger the cover the more you are likely to pay. If you want settle on a very cheap cover then you have to compromise more. It is therefore essential to come up with a list of the covers you really need and those you are willing to go without. For example, you may opt to exclude optional extras like a courtesy car. This car acts as an interim car to serve as yours is being repaired, however it comes at a cost. You may therefore opt to exclude it in your cover if it is not really necessary.