You can own a final expense insurance policy for your parents
Did you know you can own a final expense insurance policy for your parents? The love between children and their parents is an “insurable interest” in insurance jargon. But, it’s an important concept for a lot of adults with aging parents that don’t have financial means to cover their own end of life arrangements.
There are financial difficulties we all face, and Americans have had their share of these difficulties in the past two decades. Many may not have been able to fully recover and provide the means to fully fund retirement, let alone have savings or life insurance to leave their loved ones.
If your parents are in this very situation, and they can’t afford their own policy, you can prepare for the future by buying a policy to cover their final expenses. Burial and funeral costs continue to rise, and part of your overall financial plan should include a policy to cover the costs that will come with the loss of your parents. This way you can grant them their last wishes with proper dignity and respect without depleting you investment accounts or your own savings.
Contact me today to discuss the details involved in covering your parent or another loved one.