Consult with a financial advisor to obtain life insurance for parents.
Life insurance is for everyone, but it is mostly meant for parents or anyone else who has people that depend on them financially because it provides security in case the covered person passes away. If that occurs, a death benefit will be paid to the beneficiaries in order to cover the cost of a funeral, as well as the deceased’s mortgage, debts, and other expenses. Although it is unpleasant to think about, life insurance for parents is very important and can be a massive help in the aftermath of a parent’s unexpected death.
While you can purchase life insurance for yourself as a parent, you can also purchase life insurance for your own parents. You must get consent from your parents first and show that you have insurable interest. In other words, you will need to prove that you are responsible for the financial consequences of your parent’s death, such as taking over their mortgage or paying for end-of-life medical care.
There are multiple types of life insurance for parents you can consider. Term life insurance is one option that offers coverage for a specific amount of time such as 10, 20, or 30 years. Permanent life insurance offers coverage for the remainder of the insured person’s life, and it can refer to both whole life insurance and universal life insurance. Everyone’s needs are different. However, working with one of the financial advisors in Planning Bucket’s network can help to determine the right choice for your needs.
If you need help with life insurance for parents, contact Planning Bucket to get in touch with a licensed financial advisor in Greensboro, North Carolina.
Planning Bucket assists those who are looking for life insurance for parents in Central and Western North Carolina, including Asheboro, Burlington, Chapel Hill, Charlotte, Concord, Greensboro, High Point, Huntersville, Kannapolis, Lexington, Matthews, Monroe, Reidsville, Winston-Salem, Asheville, Boone, Brevard, Dobson, Elkin, Hickory, Morganton, Mount Airy, Sparta, Statesville, West Jefferson, and Wilkesboro