If you have aging parents, you might be concerned about whether they have adequate funds to cover their final expenses in case one of them passes away. If they don’t have any life insurance policies or savings in place, you might end up shouldering the costs. Fortunately, you can help your parents get life insurance. The agents at AFI Insurance in Denver, CO, offer a few things to consider before doing so.
Discuss Life Insurance with Your Parents
Before investigating a life insurance policy for your parents, it’s imperative to have an open discussion with them about it. After all, the parents themselves need to file the application, except when they are suffering from diseases like dementia or Alzheimer’s.
How Much Do Your Parents Need for Final Expenses?
You can offer aid to your parents in choosing a life insurance policy that meets their needs. But, before seeking out coverage, take into account that they need to invest in essential elements that include:
- Funeral costs
- Outstanding debts
- Medical costs
Choosing the Appropriate Insurance
When searching for life insurance for your parents, it’s vital to be aware of the types of policies and their differences. There are two types of policies:
- Term Life Insurance – This coverage provides protection for a specified term, which is usually between 10 and 30 years. If one passes away before the term ends, the policy’s set value is paid out as a lump sum.
- Permanent Life Insurance – These whole life policies last for the insured’s lifetime, provided premiums are paid. There are two components: a savings component and a death benefit payout. Some policies permit policyholders to borrow against these savings.
Seeking Insurance Coverage for Your Parents?
At AFI, Armed Forces Insurance, we offer our services, particularly for those who’ve served our country. Since 1887, we have been creating life insurance policies accepting military risk, and we can provide you with ideal life insurance plans tailored for your parents. Contact AFI Insurance in Denver, CO, for a free life insurance quote. We are here to serve military families with excellent service and competitive rates!
