How to buy life insurance for your parents
what amount of coverage is best?
The answer to this varies from person to person. You need to consider your parents’ total debt, monthly expenses/medical bills, and the type of funeral services they wish to have. With the average funeral costing around $9,000, funeral expenses are not something most Americans can easily afford at any given time. the federal government only pays your family $255, and only if you qualify. this leaves a large portion of funeral expenses to be paid by surviving loved ones.
To help cover your parents’ funeral expenses, you can purchase a specific type of life insurance called final expense insurance. is specifically designed to help cover final expenses such as unpaid medical bills, funeral arrangements, and any other end-of-life expenses (learn more about prepaid funeral plans).
A life insurance agent can help you find the right amount of coverage to fit your needs.
how much will it cost?
The cost of life insurance is calculated using several factors. the age and general state of health of the insured are the most weighted. Term insurance is usually cheaper, but it can be difficult to qualify for if you have pre-existing conditions and need to have a medical exam. Whole life policies tend to have a higher premium, but they also include benefits that most term policies don’t (including cash value and faster claims payments in some cases).
Ultimately, the amount of coverage you get will determine how much it will cost.
affordable life insurance options for parents
When shopping for parent life insurance, you may already know that it can be very expensive. Fortunately, there are types of whole life insurance, such as burial insurance, that specialize in small-face life insurance policies (see also Burial Insurance for Seniors). these allow you to budget accordingly by taking steps to ensure peace of mind for your family, regardless of your financial situation.
One way to keep life insurance costs down is to buy life insurance early, before your age or health affects the cost of your premium. If you can qualify for a standard life insurance plan, you can save hundreds of dollars a year in premium costs. If you can’t qualify for a standard plan because of your health, your premium will be more expensive due to the additional risk the insurance company takes on insuring you. Tobacco users will also pay a higher premium due to the long-term impact of tobacco use on a person’s health. By getting life insurance early on, you can lock in a standard rate even if your health changes.
why the funeral advantage?
Although no one wants to think about the death of their parents, the reality is that they will most likely happen before us. this often means that the next of kin, usually a child, makes the final arrangements.
funeral advantage was specifically designed to help families with funeral expenses. Funeral Advantage is made up of two partners: Lincoln Heritage Life Insurance Company® and Funeral Consumer Guardian Society® (FCGs).
There are two parts to the funeral benefit program:
The first is a final expense life insurance cash benefit offered by lincoln heritage. We offer an easy qualification: no medical exam, just health questions in a one page application. most people can qualify, even if they have health problems. we pay approved claims within 24 hours. With rates as low as $15 a month, Funeral Advantage is an affordable life insurance option that can fit any budget.
The second is the family support services offered by the fcgs. Every funeral benefit policy comes with a free membership with FCGs that allows members to document their last wishes.
for years, fcg has helped its members save hundreds, even thousands, of dollars on funeral arrangements. Following the death of a Funeral Advantage member, FCGs will help surviving loved ones deal with the many details that immediately arise. fcgs will do its best to contact several local funeral homes to ensure you get the best price for your services. This takes a huge load off your family’s shoulders and gives them the space to grieve and know that everything is under control.
Buying life insurance for your parents is a thoughtful and caring decision. By doing so, you help ensure that the funds will be there to carry out their last wishes and provide them with a respectable funeral.
Many life insurance policies can help you with this, but there is only one that includes a free membership with the Funeral Consumer Guardian Society: Funeral Advantage, which has established Lincoln Heritage as America’s leading provider of final expense insurance. . As with any life insurance company, especially one that has been in business for so many years and has worked with millions of families in that time, we occasionally receive less-than-satisfied feedback. There have even been times when a Lincoln Heritage lawsuit was threatened. While our competitors love to focus on the negatives, every year we receive outstanding funeral perk reviews and lincoln heritage reviews from satisfied customers. It’s no wonder we have an A+ rating from the Better Business Bureau (BBB).
Hosting a funeral can be stressful and expensive, but the Funeral Advantage is here to make it easy.