Supporting aging parents can be a financial burden. Unfortunately, most of us will experience this at some point in our lives.
A life insurance policy can potentially help you recoup some money you’ll spend on caregiving and final arrangements. Although consent is required to become insured, you can work with a parent to find a policy that meets both of your needs.
If you’re still debating whether this is right for you, Irvington Insurance can help. Serving Indianapolis, IN, their experts offer four ways that buying a life insurance policy for a parent could help.
Pay medical expenses
The remaining years of any person’s life can be expensive. Medical issues are a major factor. A policy will help cover any bills that may have been left behind.
Cover final arrangements
Funeral expenses can also be costly. While the burden may fall on a child, a plan may help ensure a parent has enough funds for their desired end-of-life wishes.
Support a surviving parent
When a parent passes, it can be difficult for the surviving parent to continue to live alone. Relocating to an assisted facility may be a necessity. Or, the parent may want to downsize or move closer to their child. With any of these options, a life insurance policy can help make the transition easier.
Protect against financial loss
Other expenses may have accumulated. Perhaps you’ve missed time from work to provide long-term care. Maybe a parent had a loan or mortgage that was still outstanding. Regardless of the scenario, a well-crafted policy can help provide financial relief.
Contact an agent in Indianapolis, IN
If your parent qualifies and consents to life insurance, there are several different policy options available. Irvington Insurance can work to find a policy that gives you and your parents peace of mind.