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Life Insurance For Parents

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Mutual of Omaha offers whole life insurance that can be purchased for children ages 14 days to 17 years and provides death benefits from 5000 to 50000.

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In most cases prior to age 85 buying life insurance for elderly parents can be relatively affordable depending on the type and amount of coverage and the carrier you choose to purchase the coverage through. Buying your parents life insurance isnt like getting them a surprise birthday gift. Can you buy life insurance for your parents or someone else.

Say your parents are in their 50s. Buying 2000- 50000 in coverage requires no explanation. Term life insurance is good for a set term 10 to 30 years but typically closer to 10 years for older people.

This means your parents will have to agree to. Policies come with guaranteed locked-in rates accumulating cash value and no decrease in benefits into adulthood. What type of Life Insurance is available.

However more than 50000 will likely require an explanation regarding why you need that much coverage. The main limitation of group life insurance is that its contingent on your employment or group membership. The earlier in your parents life that you purchase the policy the cheaper the monthly payments are going to be.

The life insurance could cover the remainder of payments on the house make provision for you to continue studying or pay for estate taxes if your parents are wealthy and own expensive real estate. Help your parents assess their life insurance needs. One way you can help your parents is to help them evaluate their need for life insuranceIf you find they need new coverage or a policy to supplement their current coverage you can also help them select the best coverage that meets their needs.

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