Can You Get Final Expense for Your Parents?

Get affordable burial insurance with Expense Mutual.
Fill out the form below or call us at 888-280-2825 and get a quote today!

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.

Can You Get Final Expense for a Parent?

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.

Things to Consider When Buying for a Parent

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.

To find the right plan for you or your loved one’s needs, contact us today!