It is never comfortable to discuss the inevitable death with your parents. We want them to be with us forever and while they will in our hearts, their earthly existence is limited. So, when it comes to life insurance for elderly parents, the need for them to have such coverage can bring a little financial peace of mind to you and your family.
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Obviously, having life insurance for elderly is needed when there is no other coverage or financial resources present to cover funeral expenses. If you are not sure if they have already planned for burial expenses, then it would be very important to ask before making any plans. Do not assume that there is no life coverage for elderly parents as they may have savings or other means that actually take care of such expenses. You may be pleasantly surprised that your parents have already taken care of that by having life insurance or other coverage that you didn’t know about. Parents can be quite thoughtful in that regard.
However, if you find out that there is no coverage, then you will need to start the conversation about getting the proper coverage so that you and your family do not have to suffer financially as well as emotionally when losing them.
My Parents Don’t Have Coverage, So How Do I Convince Them?
There are steps you can take to start the conversation. In fact, your parents may even be the ones who want to initiate it if they perceive the problem. However, you should not wait for them to start as the unexpected can strike at any time.
Set Aside Time: Make a point to see your parents alone without the rest of the family around so that you can talk to them personally. Try to make the point by stating your concern about covering their funeral expenses at a time of grieving for their loss. Try to keep the perspective on the cost of the funeral itself and that paying for it will soak up a considerable amount of the family’s resources that could be better saved for the children’s future.
Talk about Life Insurance for Elderly: Once the financial burdens of the funeral is explained, the next step should be to convince parents for life insurance. The tough part is that you are asking them to pay for something from their resources. Even if you promise to pay, the insurance is in their name and they are responsible.
You can explain the different benefits of life insurance for mother and father by noting that it is a fairly inexpensive way to have the financial resources available for funeral services. They can even tailor the life insurance they purchase to not only pay off any debts they still have, but also to leave behind a legacy for the grandchildren to help them attend college if they desire
Remember, you may not be able to convince them the first time, so you will want to remind them of how important it can be in helping to withhold the burden of funeral expenses from their loved ones when you can while not being overbearing about it. Hopefully, they will see the value of having life insurance to cover such expenses.
This is indeed a tough task to start a conversation about life insurance with elderly people specially when they are very old, but discussing this topic in a friendly manner can overcome the gap as well. If the conversation irritates them, then avoid continuing the discussion anymore and find another time.