Can I Get Final Expense Insurance For My Elderly Parent?

Can I Get Final Expense Insurance For My Elderly Parent?

If you’re lucky, not only are you a productive adult with a career and your own family to look after, you still have your parents in your lives. They are now likely to be elderly, maybe retired, and are obviously happy to be grandparents. But as your elderly parents, there is one undeniable reality you have to consider; they’re not getting any younger. Worse yet, their health is not going to improve with the passing of years. 

In other words, as your own parents are now elderly, you have to face the possibility that in just a few years they may pass away. There’s going to be grieving, and a necessary part of that process for all the friends and family involved is going to be the funeral. But if you’re the child of an elderly parent, unless they are willing to think about this themselves, organizing—and paying—for the funeral is going to fall to you. 

The question then becomes, is this something you want to do ahead of time, mentally prepared for the experience, or in the middle of grief, just after losing your parent? If you don’t want it to be when it’s too late, a final expense insurance policy can be an important part of securing your peace of mind. 

The Facts About Funerals 

It’s not something that you’ve probably given a lot of thought to, or put any research into, but here are the basic realities of funerals in the 21st century. The first, obviously, is that they are not free. They must be paid for, but this is not an experience that only costs $50, $100, $1000 or even $5000. A typical, respectful funeral of the type a child or loved one wants to give that’s appropriate for a deceased parent can be anywhere from $7000-$10000. Why? Because of factors like: 

  • Coffin/Cremation Urn 
  • Embalming/Body Preparation 
  • Funeral Ceremony 
  • Transport 
  • Burial/Cremation Process 

For the cheapest, “no frills” funeral that goes the budget route and withholds all the crucial components of respect and dignity, a person might be able to get by with $3000. But most people will find such a funeral experience unsatisfactory and even insulting to the memory of a loved one. 

Proper Planning 

If that’s the kind of experience you want to avoid with your own elderly parents, you need to be willing to start thinking and planning about the funeral ahead of time. This is especially true if you don’t want to be saddled with extra debt—maybe even on a credit card—for the funeral expense. 

Take the time to talk to your parents. Find out what they would like and get them involved. If the entire family can work together on this experience, not only does it ensure they have agency in these important decisions, it also brings peace of mind and even bonds the family more closely together. Find out what kind of funeral arrangements are most desired, then talk to local funeral directors about the costs for such arrangements. When you have the numbers you need, you’re ready for the next step. 

The Policy For Your Needs 

A final expense insurance policy is a type of funeral insurance that is designed specifically to cater to burial needs. This means that qualifying conditions for such a policy are much more flexible. It also means there’s a lot of range and options for amounts involved in the policy, and even the type of payment plans that make the most sense.  

Living Legacy has experienced, understanding, personnel that are ready to help consult with you on the best type of final expense insurance policy. Just contact us today, explain what is you need, and what you hope to achieve. Together, we can find the final expense policy, premiums, and terms that will give your whole family more peace of mind. 


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