Life Insurance for Elderly Parents
If your parent is elderly and you need life insurance to cover any final expenses or burial cost we can help. 
How to care for elderly parents is a major concern of many families. How to ensure good health care, find the right living situation, and handle legal questions is often complicated such as choices in life insurance.
Often families hate to spend the precious time with their parents talking about serious business or unpleasant possibilities. Or we may be caught up in hectic preparations for an overseas assignment and not want to take the time to do contingency planning with parents. While it is difficult to discuss the issues of aging, the family who has discussed the options and agreed on plans will be better able to handle whatever happens. It will be worth the time taken, if there is an emergency.
The ideal situation is when the elderly parents take control of their own situations and make decisions in advance of an emergency. They should investigate the types of retirement options and decide which is most appropriate, make informed decisions about life-sustaining medical care, and make sure that documents, instructions, and powers of attorney are available to those who must take responsibility in an emergency. The American Association of Retired Persons recommends that elderly people use a document locator list to make sure their papers are in order. This list can then be given to the person(s) who will be responsible for them should an emergency arise. Going through the list with your parents should ensure that their wishes are understood.
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Broaching Life Insurance with Elderly Parents
Life insurance can be a touchy topic to talk about with anyone since it covers such a sensitive area and can, if handled properly, lead to misunderstanding and hurt feelings. Life insurance is something, however, that should be discussed openly between family members that may be impacted by the loss of a loved one - especially between spouses. If your parents are getting older, and life insurance is not a subject you have discussed with them, you may be wondering what the best way of bringing the subject to their attention is. Your intention could be just to make sure that if one of your parents dies, the other is protected financially and has one less thing to worry about in addition to the loss of their spouse. If you feel that life insurance is something that you should discuss with your parents, there are a few pointers you can take with you to make the conversation easier to begin and manage without leading to hurt or suspicious feelings on either side.
- Keep All Information Private - If there is the slightest chance that your parents may take offense, bringing up the idea of elderly life insurance keep the subject in the privacy and comfort of your (or their) home rather than the local.
- There's Strength in Numbers - If you have any siblings, talk to them about your concerns first and see if they will be willing to be there for the discussion with your parent(s). Your parents are likely to take the news better coming from more than just you if you have the support of their other loved children backing you up as well.
- Try the Casual Approach - There's nothing wrong with a child asking their parent a simple question related to elderly life insurance - even better if you approach it in a manner as if you were looking for advice from them. Your parents are used to giving you advice and that could be a great way to discuss their own life insurance policy (or lack of one).
- Stay Calm at All Times - Getting emotional or upset probably won't help the situation. If you need to talk with your older parents about elderly life insurance, you're probably best off doing it in a very adult and civilized manner.
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Communicating with Elderly Parents About Life Insurance And other Important Matters
Talking with our elderly parents about life insurance or living situations and the possible need for change is not always easy. A successful conversation depends to an extent upon the relationship we have with the parent, as well, of course, as on the parent's mental, emotional and physical condition. While many people put off serious conversations to avoid conflict or awkwardness, both parent and adult child may lose an opportunity for closeness, understanding, access to information that may affect the decision, and optimum peace of mind.
To the extent possible, talk with your elderly parents gently and honestly about their wishes, their abilities and their options. Far more often than not, these conversations are helpful and put the adult child in a better position to make decisions later when the parent may not be able to do so. The following are suggestions for conversations with your elderly parent:
- Share your own feelings, and reassure the parent that you will support them and can be depended upon to help them solve their problems.
- Help the parent to retain whatever control is possible in making his or her own decisions. Respect and try to honor their wishes wherever feasible.
- Encourage the smallest change possible at each step, so that the parent is more able to adjust to the change.
- Educate yourself on legal, financial and medical matters that pertain to your parent as background for your conversations, including current knowledge on the aging process.
- Respect your own needs - be honest with your parents about your time and energy limits.
If this kind of conversation seems impossible or the situation and relationship with the elderly parent become overwhelming, professional counseling may be very helpful. You may also consider using the Department of State's resources to approach this delicate issue somewhat indirectly. Filling out FIVE WISHES for yourself and sharing your decisions with your parents may encourage them to open up on the subject. You may also wish to raise the subject of long-term care insurance as a practical matter.
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