Am I Allowed To Buy Insurance For My Parents?

Am I Allowed To Buy Insurance For My Parents?

As life progresses, we end up having to face harsh realities. And for those whose parents are aging, one of those realities is the fact that you will eventually have to plan ahead for a time when they pass away. While nobody wants to think about this, it is a sad truth of life and something that you’ll have to consider. 

Children of ageing parents often have to think about a wide range of things, including trusts, retirement savings accounts, estates, property, and more. Another big consideration? Life insurance. And while it’s easy to overlook what burial insurance for parents can offer, it’s nevertheless something that will have to be thought about at some point.  

Is There A Difference Between Life And Burial Insurance?

In general, life insurance is a kind of blanket term that refers to any kind of security in place for those left behind when an individual passes away. But, there are differences.

  • Life Insurance – This is paid throughout the course of one’s life via monthly premiums. In general, those who take out a policy will get roughly $250,000 in coverage. The goal here is not just to cover the overall cost of a funeral, but to provide additional funds to those left behind. 

  • Burial Insurance – While it’s a type of life insurance, burial insurance is really nothing but a policy that covers only the costs of funerals, burial, cremation, and some end of life expenses. Those left behind aren’t going to receive a large amount of cash as they would with life insurance – just enough to cover the funerary costs. 

Can I Purchase Burial Insurance For My Parents?

As parents age, children are left wondering about how they’ll cover the potentially high costs of a funeral. Burial insurance costs can help with this. The easy answer here is that yes, you can purchase burial insurance for your parents. They’re basically the dependents of the policy, and depend on your income to ensure that their life expense are handled.

So in short, yes, you can purchase burial insurance for your parents. In fact, it’s easier to do than traditional life insurance will be, and as such you can quickly find a policy and get coverage.

What Is The Cost For A Burial Insurance Policy?

In general, burial insurance will only provide coverage for up to $10,000. The higher the benefit amount, the more the costs will be. In general, you can expect to pay roughly $600 per year – or $50 per month – for insurance of this kind.

What Will it Cover?

Burial insurance covers specific costs. These include things like:

  • Funeral services

  • Caskets

  • Urns

  • Cemetery plots

  • Burial services

  • Additional end of life expenses

The Importance of Burial Insurance

Yes, burial insurance can feel like an expense that you can avoid. But when you consider the high costs of funeral series today, it makes sense to invest in burial insurance. You won’t get a huge windfall, but it’s enough coverage to make sure that those left behind are able to focus on moving on after a loss instead of on how they’ll pay for a funeral. Contact our team to learn more about your options.

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