Life Insurance for an Elderly Parent

While many adult children no longer rely on their parents for financial support, there may still be a number of very good reasons for purchasing life insurance for an elderly parent. In fact, life insurance is oftentimes used for so much more than just an income replacement tool.

life insurance for older parentsCoverage is oftentimes used for paying off financial obligations that an elderly parent may leave behind. This can greatly reduce an otherwise stressful situation that may ensue with an elderly parent’s survivors during an already emotion and trying time.

Obtaining Life Insurance for an Elderly Parent

Upon purchasing life insurance for an elderly parent, it will be necessary to prove to the insurance company that an insurable interest exists. This means that some type of financial hardship or loss would occur to the policy beneficiary upon the death of the insured.

Typically, however, any time that there is an immediate familial relationship such as parent-child, an insurable interest is automatically assumed to exist. While in the case of an elderly parent, the financial loss may not be income related, the loss could occur in other areas such as debt payoff, the payment of estate taxes, the payment of the parent’s final expenses at death, or another related situation.

In addition to the establishment of insurable interest, it will also be necessary to determine how much coverage will be needed. Here, the amount of the policy’s death benefit can be established by adding up the amount of the debts that would need to be paid, the anticipated amount of the parent’s final expenses, or other financial need that is going to be covered by the life insurance policy.

Will an Elderly Parent Qualify for Life Insurance?

One of the most important criteria when considering life insurance for an elderly parent is the matter of qualifying for coverage. As people get older, the likelihood of them contracting at least some type of adverse health conditions tends to increase.

Therefore, it will be important to apply for coverage with a life insurance company that is more likely to accept certain risks. This is especially the case if a parent has already been diagnosed with a certain condition such as diabetes.

In doing so, working with a company that has access to numerous insurers can be a real advantage. This way, your chances of acceptance can be greatly increased, as you can focus your efforts on applying with insurance companies that are more likely to be accepting of various risks.

What the Underwriters Want to Know

In applying for coverage, the underwriters will want to know both basic and more in-depth information about your elderly parents. Basic application information will include questions regarding your parent (or parents’):

  • Age
  • Gender
  • Height, as it relates to weight
  • Marital status
  • Smoking status and / or tobacco usage
  • Alcohol usage
  • Occupation and income (if applicable)
  • Amount of any foreign travel
  • Health condition and history
  • Family health history

The underwriters will also typically require your parent’s medical records from their attending physician. This will provide more details on overall health history, which can be helpful in determining whether your parent (or parents) present any undue risk to the life insurance company in terms of filing a costly claim.

Likewise, a medical exam will typically be required. This generally entails providing a blood and urine sample. These samples are also analyzed for specific health conditions that the underwriters deem to be risky to the insurance company.

Because elderly individuals usually have at least some type of health issues, the life insurance company will want to have more details about an applicant’s particular condition or conditions. That being the case, more information will usually be requested with questions such as:

  • When was your condition initially diagnosed?
  • Do you have any specific limitations due to your condition?
  • Have you had any surgical procedures performed because of your condition?
  • What is the result of any recent testing that has been performed due to your condition?
  • What are the names and the dosages of any medications that have been prescribed to you for your condition?
  • Do you have any upcoming procedures or tests to be performed due to your condition?

Once all of the information has been performed, the underwriters will be able to make a clearer decision regarding whether or not to issue the life insurance coverage. By having such coverage, the financial aspects of any debt that is left behind by an elderly parent can be greatly reduced. This alone can be a substantial relief to survivors.

Taking the Next Step

If you or someone you know is seeking life insurance for an elderly parent, our team at Life Insurance for Seniors 360 can help in finding the right coverage at the best premium price. We work with many of the top life insurance companies in the industry – and we are familiar with which insurers are more likely to cover older applicants.

In addition, we can help to point you in the right direction before you apply to insurers that may automatically reject coverage on elderly applicants. This can save you a great deal of time and frustration in the overall application process – and can ultimately get your elderly parents the life insurance coverage that they need faster and much more conveniently.

In order to get the process started, simply use the form on this page to compare life insurance benefits and quotes from highly ranked insurers. If you have any questions along the way, feel free to give us a call at 888-229-7522 and we’ll be happy to help.

Leave a reply