Government Executives Network
Life Insurance For Parents Over 70
Many of our members often face a financial hit when their parents die, and they have not prepared ahead of time with a life insurance policy.
Many parents and their children think ahead of time and get life insurance coverage to cover final expenses. These include, funeral and burial costs, any outstanding debts, medical expenses, etc.
If your parents are over seventy, this is the time to seat down with them and start thinking about a life insurance policy.
The more you wait, the more it will cost. If your mom and dad are still in their 70's, the premiums may still be affordable. But, if you wait until late seventies or eighties, the costs may be prohibitive.
Two main factors set the life insurance premiums, their age and their health status.
If they are still fairly young - 60's or 70's - the premiums are affordable.
If they do not suffer of any serious medical conditions - cancer, heart issues, etc - then, they can still be insured affordably.