Term Life Insurance for Parents

Term Life Insurance for Parents

If you are a parent or have old parents, it is essential to secure insurance for yourself and your parents. Term life insurance provides coverage for a specific term selected by the individual himself. Term life insurance offers a guaranteed death benefit against the monthly or annually paid premiums. Most of the parents, who know that they are the sole bread earners of their families, pursue term life insurance to secure their family’s financial future.

The death benefit offered by the term life insurance can be used to:

  • Pay for the final expenses of the insurer after the death
  • Repay any outstanding balance or loan
  • Replace the income of the parents after their death

The whole death benefit package ensures the parents that their family is secure in case of their death.  The process of getting term life insurance is pretty simple. The application form requires answers to basic questions like age, gender, profession, family history, or health profile. Most of the time, term life insurance is provided to young parents, so there is a medical examination required. The premium rates are determined by the age, gender, coverage amount, and term length of the policy.

Life insurance for elderly parents

If your parents are elderly and want to secure insurance for them, getting term life insurance can be challenging. However, there are plenty of options available for insurance for your elderly parents, like guaranteed life insurance, burial, or final expense life insurance. Above the age of 50, many insurance companies offer guaranteed issue or burial life insurance with the primary purpose of providing a guaranteed death benefit. The coverage amount is around $50,000.

Any age from 45 – 80 is an ideal age to get insurance for your senior parents. However, many companies stop the premium payments around the age of 80 or 85. For this reason, buying insurance after the age of 80 can be very costly as the coverage amount is not worth it.