Alliance Insurance Services knows that life insurance isn’t just for you. It protects your entire family.
That’s why it’s important to consider purchasing a life insurance plan for your parents. With consent from a parent, these policies can help eliminate some of the worry and stress that comes from supporting an aging parent. It can minimize some of the financial burdens too.
Serving Arvada, CO, Alliance Insurance Services shares four advantages of purchasing a life insurance policy for a parent.
Cover medical expenses
Sadly, the remaining years of an elderly parent’s life can be expensive. Even worse, it’s often unavoidable. Ongoing medical bills are the main culprit. Life insurance can help pay for any of these lingering costs.
Shield against financial loss
Other bills can also pile up quickly. Existing loans, mortgages, or credit card payments can be equally crippling. Just like with medical expenses, these policies will cover any outstanding debts that have been left behind.
Pay for final arrangements
The burden of a funeral also typically falls on the child of the deceased. A well-crafted life insurance plan can set aside enough money to execute a parent’s desired end-of-life wishes. Some plans, like burial insurance, are created specifically to pay for these services.
Support a surviving parent
Losing one parent is tough enough. Caring for a surviving parent can be just as difficult. This is especially true if they can no longer live alone. Downsizing, moving, or relocating to a full-time care facility are all costly decisions. Life insurance can help usher in a smoother transition.
Ask Alliance Insurance Services
The agency wants to ensure you and your family are protected. Serving Arvada, CO, the agency can create a personalized life insurance policy for qualifying parents. Schedule an appointment today.