Elderly Life Insurance is a Must Discussion at Home

by Susette
(Kansas City, MO)

Elderly Life Insurance

Elderly Life Insurance

A friend of mine has elderly parents in their 70's. She was shocked to find out that they had no life insurance.


Sure, they had a bit of retirement savings, some funds from pensions, and their own personal savings accounts, but she also found out that the cost of funerals, caskets, and burial plots could've taken a hefty chunk out of their savings.

Out of curiosity, while sitting with her I typed "elderly life insurance" into my browser the other day, wondering what kind of options older individuals might have, and discovered that in addition to be traditional whole life or term life policies, there is also something called a life insurance trust.

Elderly life insurance may be something that adult children of aging parents may find beneficial, especially if mom or dad owns a business. Sometimes, life insurance just doesn't cover an individual, but assets as well.

Life insurance trusts such as an irrevocable like insurance trust can be classified as not only an estate, but can be utilized as a planning tool come income tax time.

I was also surprised to find that a life insurance trust could prevent mom or dad's assets or estate from going into probate, as well as preserving and protecting their assets. It could be used as a source for estate liquidity.

The thing is, it's important to know about different types of life insurance that will protect assets, property, and hard work against probate, especially, as in the case of my friend, the parents don't have an active term or whole life insurance policy in effect.

After this I am planning on finding out from my mother what elderly life insurance coverage she has (if any) and if little or none we will begin that process asap..

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Jan 03, 2015
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Final Expense Insurance
by: Shirley

My dad refused to get life insurance for whatever reason, but I worry about my mom and her care if something happens to him.

I got a life insurance policy on him, making my mom the beneficiary. Better safe than sorry.

Jan 03, 2015
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Elderly Parents Life Insurance - Do They Even Have it?
by: Anonymous

I never thought of that. In fact, I haven't ever asked my elderly parents if they even have life insurance. Makes me wonder.

I'll talk to my life insurance agent (I bundle services) to see what kind of options they might have if they don't.

Jan 03, 2015
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Elderly Life Insurance and Final Expenses
by: Anonymous

After bringing up the touchy subject with my parents, I realized that they had no concept how much funeral expenses can be today.

Unfortunately, because of their age, buying additional life insurance now will cost them a pretty penny. I’m going to look into a life insurance trust for them.

Thank you.

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