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life insurance on your aging parents

Posted by on Jan. 31, 2015 at 2:22 AM
  • 6 Replies

 My mother has no life insurance. So of course it is going to fall on us to bury her when the time comes. We cannot afford to bury her by ourselves. Would the insurance companies look at us funny if we try to get life insurance on her? She is in her 60's if it matters..

by on Jan. 31, 2015 at 2:22 AM
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Anonymous
by Anonymous 1 on Jan. 31, 2015 at 2:25 AM

I'm going to bump, I'd like an answer too.

My parents have no life insurance, no death benefit (the ones that just cover funeral), not even a will. I'm in healthcare and ask them what their wishes are I was referred to my brother who is "the executor of the will"..only there is NO WILL..my mother was full of shit with that one. 

My parents are 70. 

ncbirdie
by Ruby Member on Jan. 31, 2015 at 2:27 AM

I could be wrong, but I think it's pretty common for people to have insurance on their parents.  It happens very often that funeral costs and arrangements fall on their living children, so it's better for them to be prepared.

tossed
by Ruby Member on Jan. 31, 2015 at 2:33 AM

The amount that you will be able to get will be small, so there should not be any strange looks. If you were taking out $250,000---you might get strange looks.

You might check with a local funeral home on prepaid arrangements and compare the costs. The guaranteed life insurance policy are high priced. 

gottoluvem
by Member on Jan. 31, 2015 at 10:19 AM
Bump for the morning crew
KairisMama
by Emerald Member on Jan. 31, 2015 at 10:22 AM
My mom had 15 k on grandma. Grandma was older when she took it out, like in her 70s. She wanted funeral cost funds. When grandma died at 91 it was good she had them. It didn't cover it all, but it helped.
WrongWayDiva
by Bronze Member on Jan. 31, 2015 at 10:28 AM

Ditto what Tossed said.....Life insurance is designed to cover the debts and obligations of the deceased, so if there are no bills or debts, there really isn't a "need" for life insurance.   Also check with AARP--they may offer a small policy but it will not be cheap.   Probably like $200/month, more if there are health concerns.   You may be better off just throwing $200 a month under the mattress to save for a simple funeral.  Beware of heavily advertised programs--they sound great but read the fine print--I got one from my credit union advertising $10,000 guaranteed for only $26 per month.  I called my agent and I can buy $250,000 for $28 per month, but have to do a urine/blood test.   No biggie and a much better value.   

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