03/04/2024
If you are shopping life insurance for the elders in your family... Few things to keep in mind.
1. Life insurance pricing is heavily based on age and health. The coverage you have and prices you pay are going to vary significantly from what they can get.
2. Due to their age, term insurance not only make less sense but becomes either severely limited or not an option at all.
3. Small Final Expense policies, simplify underwriting and can make it easier to get enough coverage to cover funeral costs as well as leave some money for a beneficiary.
If budget allows, you can get multiple and stack these policies to ensure there is enough coverage.
4. Coming together as a family to fund the policy for the elder is a great alternative if they can't pay for it themselves. Especially the beneficiaries or whoever the cost of funeral would fall on if the elder did not have life insurance.
