Life insurance for parents is one of the many types of life insurance coverage out there. So what might life insurance on a parent consist of, and what types of situations may call for getting such a policy?
There might be several life insurance for parent types of policies. The first is if you are a parent, and want to help protect your children if something were to happen to you. If you were to pass away, how might your children survive financially?
If that is the case, you may want to take a close look at what expenses your family has, and your annual income, especially if you are the sole breadwinner, in order to help figure out an estimate for life insurance for parent coverage. One rule of thumb might be to multiply your current annual income by seven to ten times in order to figure out the life insurance for parents policy amount. Another way to get life insurance on a parent may be to add up current and future expenses for your children, and try to figure out the coverage accordingly.
The second type of life insurance for parents may be taken out for your own parents. If you are worried about how you may be able to afford your parent’s funeral, or help make sure that their debts could be taken care of in the event of their passing, this type of life insurance on a parent might be worth considering.
There could be several steps involved in getting a life insurance for parent policy, when it comes to your own parents. The first step to getting life insurance on a parent may be to talk to your parents about your intent to get a life insurance for parent policy. In some states, children may have to get permission from their mother or father before they may be allowed to purchase a life insurance for parent policy. But even if you are not legally required to ask their permission to get a life insurance for parent policy, you may want to ask them anyway to help keep them in the loop.
Second step is generally to get the information you might need from your mom or dad to be able to apply for a life insurance for parents policy. This may include their medical history, doctors information, social security and driver’s license numbers, and contact information.
A third step to getting a life insurance for parents policy may be to figure out how big of a policy that you might need, especially if there are debts that may need to be covered.
Fourth step to getting life insurance on a parent is to decide whether a term life insurance policy or a whole life insurance could be right for them. Term life could cover your parents for a set period, and whole life insurance could cover them for their whole life.
Fifth step is to check which rates may be available for life insurance on a parent. You may be able to do that through an insurance website or with an insurance agent.
Sixth step for life insurance for parents is to have them sign any documents that may need their signature. After that, the application for the insurance policy should be ready to go.
After completing these tasks, you may be approved for life insurance on a parent!
"Did you know that since 2005 the percentage of U.S. adults without life insurance has nearly doubled?"*