Gill Insurance Agency understands that life insurance isn’t only for you. It protects your entire family too.
For this reason, every member of your family needs their own policy. If a parent doesn’t already have life insurance, consider purchasing a plan. With their consent, life insurance can alleviate some of the stress, worry, and financial burden that comes with caring for an aging parent.
If you are still on the fence, Gill Insurance Agency can help. Their experts list three benefits of buying a life insurance policy for a parent.
Cover expenses and debts
Sadly, the last several years of a person’s life are typically expensive. And this is often unavoidable. Bills pile up quickly. Medical bills are the main concern. But existing mortgages, loans, and credit card debt also require attention. After a parent passes away, a life insurance policy can help pay any lingering debts that are left behind.
Pay for final arrangements
Funeral expenses are costly too. This burden often falls on the child of the deceased. A plan to provide a parent’s end-of-life directives is imperative. Life insurance plans can allocate enough money to execute these wishes. Burial or funeral insurance is created specifically for this reason.
Support a surviving parent
A parent passing away is tough. Caring for a surviving loved one can be even more difficult, especially if they need to relocate. Downsizing and moving requires added expenses, but a parent may also need an assisted living facility or in-home nursing care. Life insurance can help, ensuring an easier transition.
Ask an agent serving Plainfield, IN
You’ll likely have questions about what life insurance policy is right for your parents. Fortunately, Gill Insurance Agency has answers. Serving Plainfield, IN, they can create an individualized plan that protects both you and your family.