Do you need life insurance for your parents? You can help the elders of your family buy life insurance. In this article, we help you understand how you can assist your senior mother or father with purchasing a life insurance policy.
How can I get life insurance for my parents?
Quotacy can help you research the best life insurance for parents, guide all of you through the application process together, and help you to service mom or dad’s policy after it’s in place.
We know many of you in the sandwich generation are facing a delicate juggling act of working and saving for your own retirement, helping your kids get launched in life, and caring for your elderly parents who may be rapidly outliving their retirement savings.
Here’s a how-to guide to help you understand your options related to buying a life insurance policy on behalf of your mom or dad.
What are the age limits for life insurance for senior parents?
Age limits and health issues are the two top factors that limit whether seniors can buy a life insurance policy or not.
If you’re reading this article because you realize that life insurance for parents is a financial priority for your family, the most important advice we can offer is don’t delay talking to your mom or dad about it now.
As they get older and as their health declines, the options for life insurance for parents decreases due to underwriting guidelines for seniors determined by the life insurance companies.
Age Limits for Term Life Insurance for Parents
Upper age limits for policy purchase vary by company, length of coverage, and type of life insurance policy. Term life insurance is the most affordable policy option for seniors.
Let’s use the example of