Searching for the right life insurance is usually challenging. But finding one that meets your elderly parents’ needs could also take time. But there are plenty of benefits to searching for one for them. Our agents at Hausmann Insurance & Financial Services serving Waxhaw, NC and Charlotte are here for you in choosing the right life insurance plan for your aging parents.
Three Benefits Of Life Insurance
Help Cover the Cost of Their Care
As your parents start to grow older, their health will likely start to decline. Shop for a quality life insurance plan that will allow you to cover their end-of-life expenses or their medical care. Having a life insurance plan makes things easier than just saving money in an account or the stock market. Always consider what you can afford in premiums, the type of policy that meets their needs, and how much coverage they need.
Pay Off Various Debts
What if your parents have a mortgage, college, or any other debt they still have to pay off? A life insurance plan allows them to be able to pay it off. Not all parents will arrive at retirement age debt-free. More than 10 million Americans over the age of 65 had a mortgage in 2021. Student loans have become a burden for older adults, with many of them being over $126 billion in debt in 2021.
Leave an Inheritance
Establishing a life insurance plan for your parents also involves leaving behind an inheritance for you and your family. When they’re long gone, the death benefit can cover the costs of their grandchildren going to college. If they have a specific charity they support, it can be a good way to donate to them after they pass away.
Contact Us For Life Insurance Options
Searching for the right life insurance for your elderly parents doesn’t have to be hard. You’ll be covering the cost of their medical care, paying off their debts, and leaving behind an inheritance if you consider buying a plan. Contact our Waxhaw, NC and Charlotte, NC offices at Hausmann Insurance & Financial Services to schedule an appointment today.