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Bundling Insurance: Working with an Agent

Keeping up with several monthly insurance payments can be a pain. A couple of years back, I found a way to simplify the process. By purchasing my home, life, and auto insurance with one provider, I went from three to one monthly obligation to track. It did take a little while to find the right provider. Even then, I had to compare different plans, and work with an agent to create the bundle. Now that it is in place, there is no doubt that managing the household budget is easier. If you are wondering about insurance bundling, let me share how I did it. Before long, you will also enjoy the peace of mind that comes with knowing you are covered and what it feels like to deal with only one monthly insurance payment.



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Bundling Insurance: Working with an Agent

Helping Your Elderly Parents Get Life Insurance

by Dwayne Terry

Over time, the roles between parent and child often switch. Where your parents were once your primary caregiver, as they age, you slowly assume the role as their primary caregiver. This transition can leave you with a lot of additional responsibility. Given the demands of your personal and professional life, it's easy to overlook some of the important things you need to be doing for your parents. One thing you don't want to overlook is life insurance. Make certain you understand just how critical it is to get coverage for your elderly parents and what you need.

Importance of Life Insurance

There's a fairly common misconception that life insurance policies are only designed to cover funeral or burial expenses. While this is in part true, life insurance policies offer much more. These polices are also designed to protect you. For example, say your parents are still making mortgage payments. If one of your parents was to pass away, your living parent might ask that you step in and provide financial assistance to help make the monthly mortgage payments.

Depending on your situation, this could be a strain on your own finances. With a life insurance policy, you would be able to pay off the remaining balance on their home. This doesn't just ensure that your living parent can stay in their home, but it also helps you avoid a financial catastrophe.

Cost Considerations

One of the biggest roadblocks many people face when trying to get a policy for their elderly loved one is cost. Purchasing a life insurance policy for an elderly individual often comes with a higher cost than purchasing a policy for someone younger. If you're on a budget and need lower cost coverage, consider a term life insurance policy.

Term life policies are designed to provide coverage for a specific term, or time, such as 10 or 20 years. The more expensive alternative is whole life insurance. This type of policy is designed to provide coverage until the insured passes away, no matter how many years, and they also often come along with a cash value. Consider the needs of your parents and your budget and go from there.

If you're having a difficult time trying to find the right policy for your loved one, consider reaching out to an insurance broker for assistance. He or she can help pair you with the right policy to meet your budget and coverage needs. For more information, contact Meyer's Insurance Ltd. or a similar company.