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As your parents get older, concerns about their health and finances may begin to rise. You may also be faced with healthcare and possibly end-of-life expenses, such as medical bills and funeral expenses.
One of the best ways to pay for an elderly parent’s final expenses is to purchase a final expense insurance policy. Final expense insurance plans are typically affordable and can help to cover certain end-of-life expenses when needed.
Though life insurance policies are typically purchased by the person who needs the policy, i.e., will hold the policy, it is possible to purchase coverage for another person, such as an elderly parent. It is important to note that the legal requirements for this can vary from state to state, so it is recommended you work with an insurance professional to get the best possible route. Regardless of where you live, however, it’s crucial that you first get the permission of your parent to buy the policy for them.
A regular life insurance policy also typically requires medical underwriting, i.e., the individual may need to have a medical exam to qualify for the coverage. However, most final expense insurance plans do not require applicants to take a medical exam, which means you can purchase one for your parent without them needing a medical exam.
Purchasing a final expense coverage for an elderly parent is a smart financial move, as it saves you from high funeral costs and end-of-life expenses. The average cost of a funeral today can get as high as $7,000 and upwards. There are other associated expenses that could drive the costs even higher. Final expense insurance covers funeral costs and other related costs. It can also be used to cover medical bills and certain debts. Due to this, buying final expense insurance for an elderly parent can be a good option.
When purchasing final expense coverage for an elderly parent, there are some important factors to consider. First, you need to make sure the policy offers enough protection to cover funeral costs and other final expenses. It is also important to look out for an insurance company with a solid reputation for paying claims and a good financial record.
An insurance agent or agency can help you get a suitable insurance provider in this case. With Expense Mutual, we can help you compare quotes from different providers to get the best rate.
Expense Mutual is a licensed Independent Insurance Agency licensed to sell insurance in Georgia. Expense Mutual does not underwrite any insurance that appears on our website. Please note that Insurance cannot be bound, canceled or installed on the website. While Expense Mutual has done everything to ensure that all rates are accurate in the event, we made an error regarding pricing, the carrier’s rates will always supersede whatever rate appears on our website. All plans with no waiting period require an applicant to be medically approved by the insuring company and are subject to the incontestability period. All guaranteed acceptance plans that have no health questions will be subject to the insurer’s defined waiting period before benefits become payable under the policy provisions. Whole Life Final Expense Insurance available through JN Solutions LLC dba Expense Mutual may be underwritten by any of the following insurance companies, Americo, Foresters, Gerber Life, Met Life or Mutual of Omaha. Under no circumstances will Expense Mutual share or sell your information with a third party without your consent. No part of this website may be copied, published, faxed, mailed or distributed in any manner without the prior written consent from the website owner. Representation Any views or opinions represented on the Website are personal and belong solely to the Operator and do not represent those of people, institutions or organizations that the Operator may or may not be associated with in professional or personal capacity unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Changes and amendments. We reserve the right to modify this Disclaimer or its terms relating to the Website and Services at any time, effective upon posting of an updated version of this Disclaimer on the Website. When we do, we will revise the updated date at the bottom of this page. Continued use of the Website and Services after any such changes shall constitute your consent to such changes. Acceptance of this disclaimer. You acknowledge that you have read this Disclaimer and agree to all its terms and conditions. By accessing and using the Website and Services you agree to be bound by this Disclaimer. If you do not agree to abide by the terms of this Disclaimer, you are not authorized to access or use the Website and Services. Contacting usIf you would like to contact us to understand more about this Disclaimer or wish to contact us concerning any matter relating to it, you may send an email to info@expensemutual.com.