Talking to your partner about life insurance can be challenging enough. Talking to your parents about life insurance may feel like an impossible conversation, especially if the issue is that you think they need more coverage than they have. It might feel sort of like telling the people who raised you that you think they should be more responsible, and that’s tricky. It also means you have to acknowledge—out loud—that your parents aren’t going to live forever. However, as hard as it is to watch your mom and dad get older, planning for the end of life is just about always less stressful than NOT planning for it.
Maybe your parents carried term life insurance through your childhood, but didn’t renew or replace that coverage once they reached empty nester status. Or maybe they’ve just never owned life insurance at all, and it doesn’t feel like a priority to them this late in the game. Whatever the case, if your aging parents don’t currently have coverage—or if you’re not sure they have enough coverage to meet the financial needs that would arise if they were to pass away—encourage them to look into final expense life insurance.
It can admittedly be a little awkward to tell your parents you think they should have a life insurance policy from which you may ultimately benefit financially, but keep in mind that final expense life insurance is intended specifically to help cover funeral costs and other common end-of-life expenses. With the average cost of a traditional funeral at $8,000-10,000, it’s not self-serving to want to have a plan in place…it’s just sensible.
Planning Now > Worrying Later
Thinking about money when you’re making funeral arrangements for a parent can be a source not just of financial concern, but also feelings of guilt, because it inevitably takes some of your attention away from honoring and grieving for the loved one you’ve just lost.
Final expense life insurance is designed to provide quickly accessible funds to help answer the urgency of end-of-life costs, so helping your parents get coverage now could mean less emotional and financial stress during a really difficult time in the future.
Own the Process, Not the Policy
Ultimately, your parents have to make the decision about whether to purchase life insurance, because they’re the ones who will apply for coverage and own the policy if approved. However, you can certainly help them research options and complete the application process.
Applying for final expense life insurance with Final Wishes Covered is simple, so your parents may not even need your help! They can choose the level of coverage that makes the most sense, get a quote in seconds, and work with our non-commissioned agents to finalize everything. You can also assure your parents that there’s no medical exam required…just some health-related questions to answer on the application form.
Handle with Care
This may go without saying, but if you’re planning to suggest that your mom and/or dad buy life insurance, it’s really important to approach the subject mindfully and compassionately. The goal isn’t to make your parents feel bad about not having enough life insurance coverage…it’s to make them feel good about getting it.
The experience of helping your parents buy final expense life insurance can be empowering for everyone involved. They get a chance to talk about how they’d like to be remembered and reassurance that their final wishes could present less financial burden to their family. You get the comfort of knowing that when the time comes, you’ll be better prepared financially so you can focus on coping and healing emotionally. More peace of mind, all around.
We Have You Covered!
This could also be a good opportunity to reflect on your own life insurance status. Do you want your children to be in the same position you’re in years down the line? More urgently, would your family be able to maintain the life you want for them if you were to pass away suddenly?
If these questions have you thinking about upping your life insurance coverage, check out our sister brand Our Life Covered for competitively-priced term life insurance options from top-rated providers!
In the meantime, sit down with your parents, show them how easy it is to get a no-obligation quote from Final Wishes Covered, have them give us a call at 888-432-7066, and know that our team is here to support your family throughout the entire life insurance journey.