3 Reasons Why Life Insurance is a Key Component to Caring for Aging Parents
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According to the Joint Center for Housing Studies at Harvard University, an estimated 4.7 million U.S. households encompass three generations – whether the home is owned by the grandparent or their adult child. Those numbers are expected to rise in step with the growth of the number of people aged 75 and up from 23 to over 34 million people over the next decade, an increase of 48 percent. While there are many benefits to multiple generations living together, this living arrangement is not without its challenges. As more and more adult children realize the tests and trials that come with caring for aging parents, a question often arises among Gillman Insurance clients: “Do I need life insurance?”The short answer is “YES!” But to give you deeper context as to why, Gillman Insurance Problem Solvers have compiled a list of three compelling reasons to secure a life insurance policy right away.
See That Your Parent Is Well Cared for in Your Absence
When considering life insurance, the number one reason that brings people to Gillman Insurance is the desire to make sure their loved ones are well cared for after they are gone. When caring for aging parents, a life insurance policy that’s large enough to see to the needs of your own children as well as your parent(s) can bring you peace of mind. After all, they are not only dependent upon you for the great care you provide, but they are also dependent upon your income. While we can help you draw up the policy to reflect all beneficiaries, we highly recommend you enlist the aid of a family attorney to help you draw up a will with detailed plans regarding how your policy and other assets will be distributed and outline your instructions for your parent’s care.
Ensure Your Parents’ Medical and Funeral Expenses are Covered
If your aging parent doesn’t currently have a life insurance policy, it’s in your best interest and theirs to establish a life insurance policy on their behalf. Medical and funeral expenses can add up quickly, and it’s unnecessary to compound your own grief over the loss of your parent with a potentially crippling hit to your finances. While it may seem like an uncomfortable conversation to have, chances are your parent(s) will want to ensure that you aren’t financially strapped upon their passing. If it makes you feel more at ease, you can arrange to make annual payments on their behalf, and anything that’s left after paying off their debts can go to their grandchildren as part of their legacy.
Create a Better Financial Future for Your Children
Life is full of lessons waiting to be learned. If your parent(s) moved in with you due to financial instability, investing in a whole life insurance policy now can help protect your own family in the future – and not just in terms of when you’re gone. Cash value build-up from your policy may allow you to pay off a mortgage or offset the cost of in-home healthcare down the road when YOU are the aging parent. Gillman Insurance is also proud to offer Long-Term Care Insurance – a wonderful option if you suffer a prolonged illness, a disability, or the general deterioration of your health. With Long-Term Care Insurance, you minimize your financial impact on your loved ones.
Whether currently caring for an aging parent or planning for the possibility in the future, we invite you to contact your Gillman Insurance Problem Solver to discuss your life insurance options today. Call us today at (678) 297-7977 or fill out our convenient and secure online contact form and one of our Problem Solvers will be in touch with you shortly. To learn more about our full portfolio of insurance policies – including life, group life, home, auto and business – visit our website at www.GillmanIns.com.